India, July 17 -- An income tax return is a form, where a taxpayer disclosed details of his/her income, claims applicable deductions and exemptions and pays the taxes so calculated or claims the refunds in case excess tax have been deducted.
As per section 139(1) of Income Tax Act 1961, Every individual/HUF/AOP/BOI/artificial juridical person has to file the return of income if his total income (including income of any other person in respect of which he is assessable) without giving effect to the provisions of section 10(38), 10A, 10B or 10BA or Chapter VIA (i.e., deduction under section 80C to 80U), exceeds the maximum amount which is not chargeable to tax i.e. exceeds the exemption limit.
Most of millennial think that if their salary i...