All you need to know about tax returns

Tax returns are the primary source of income for the government. It is a compulsory process for every citizen and has to be filed on or before 31st July.

The Income Tax department has made it easy for you to file your taxes online. You can even make the payment online through your credit card or debit card. It is quick, easy and hassle free!

Here are some tips which will help you file your tax returns:

Choose your filing status wisely: There are several tax filing statuses available for you to choose from depending on your situation. If you have recently married or divorced, then you need to select the correct one so as not to pay a higher amount than what you are supposed to pay.

Do not forget about tax deductions: When it comes to filing taxes, there are certain deductions that can be claimed against your income such as education loan interest payments (if you paid them) and medical expenses (if they exceed 10% of your adjusted gross income). You also have options such as student loan interest deduction and IRA contributions that can be claimed against your taxable income if they meet certain conditions.

If you have a simple tax situation and have your paperwork together, filing early might be a good idea. This will allow you time to make any adjustments if needed before the April 15 deadline.

If you’re waiting until the last minute to file because you want an extension, don’t think it’s a free pass — especially if you owe money. The IRS will send out bills starting in January, and interest will start accruing on any balance owed at that time. It’s better to be safe than sorry when it comes to your taxes!

The main purpose of tax returns is to calculate taxes payable by individuals and businesses in a country. Tax returns are usually filed with the government agency responsible for collecting taxes or revenue, such as the Internal Revenue Service (IRS) in the United States or HM Revenue & Customs (HMRC) in the United Kingdom.

Tax returns can be done online by visiting websites such as and where some basic questions will be asked in order to calculate your return. You will then be provided with a summary of your return and how much you owe/are owed by the government after accounting for all deductions and credits available to you as an individual or business owner .

A tax return is a document that reports your income to the government for purposes of calculating your tax liability. Taxable income is any money you received during the year from sources including wages, interest, dividends and capital gains. Many people receive tax refunds because they have paid more in taxes than they need to during the year. You can know more information on tax returns from