Income Tax Filing

If you do not file an Income tax return, you cannot carry forward or set off your losses! Filing of the Income-tax return not only helps you but also helps the nation. The tax that you pay is used by the government to build infrastructure and to improve other facilities of the nation such as medical, defence, etc.The gross annual income of an individual should exceed Rs. 2.5 lakh after applying deductions under various Sections of the Income Tax Act.Income-tax is to be paid by every person. The term 'person' as defined under the Income-tax Act under section 2(3) covers in its ambit natural as well as artificial persons.