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Income Tax Return
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Read MoreIncome Tax Return (ITR)
An Income Tax Return (ITR) is a form used by taxpayers to report their income earned during a financial year, calculate the tax liability, and declare any applicable deductions or exemptions. It serves as a means for individuals, businesses, and other entities to provide information about their income to the tax authorities.
Key points about Income Tax Returns:
- Types of Returns: Different types of ITR forms are available depending on the type of taxpayer, nature of income, and sources of income.
- Filing Process: Taxpayers can file their income tax returns online or offline, depending on their preference and eligibility. Online filing is typically done through the Income Tax Department's e-filing portal.
- Financial Year and Assessment Year: The income earned during a financial year (April 1 to March 31) is reported in the Income Tax Return for the corresponding assessment year. For example, income earned from April 1, 2023, to March 31, 2024, is reported in the ITR for the assessment year 2024-2025.
Type of income tax return
In India, there are several types of Income Tax Return (ITR) forms, each catering to different categories of taxpayers and sources of income. The Income Tax Department has designed specific forms to ensure that taxpayers can accurately report their income and claim deductions or exemptions based on their circumstances. Here are some of the main types of ITR forms:
This form is for individuals being a resident (other than not ordinarily resident) having total income up to Rs. 50 lakhs, who earn income from salary, one house property, and other sources such as interest income.
ITR-1 (Sahaj)
This form is for individuals and Hindu Undivided Families (HUFs) not having income from profits and gains of business or profession. It is used by taxpayers with income from more than one house property, capital gains, foreign assets/income, or agricultural income exceeding Rs. 5,000.
ITR-2
