BANGALORE: The financial year is over, and the time has arrived when we have to pay tax and file their returns. Filing of income tax return is a legal obligation of every person whose total income during the previous year exceeds the maximum amount which is not chargeable to income tax under the provisions of Income Tax Act 1961. July is considered as the month when one has to file his or her annual income tax returns for the previous year ended in March31st. For individuals whose accounts were not subject to any audit, for them July is the last date to file tax returns.

Tax filing can be done by the assessee himself or can call on his chartered accountant who can file the tax returns by just asking for few information and papers. Return of income is a proof of income where the income tax authorities allow you to self asses your income and pay the taxes thereon. Salaried individuals and other non-audit tax payers are required to do their income tax return filing compulsorily before July 31, 2014, for the year ended March 31, 2014.

Knowing the date for filing tax returns, the next question is that, who all are responsible to file Income Tax Return before 31st July? Individuals who fall in any of the categories that need to file their income tax returns on or before July 31 are the ones whose additional TDS has been deducted from their income, and have to file their returns in order to claim a refund, individuals who have incurred Loss under the head “Income from House Property or Business Profession, Capital Gains or Other Sources”, then they have to file a return in order to Carry Forward or Set-off Losses in the next assessment years.