A Business Encyclopedia

Income Tax Return (ITR)

Definition: The Income Tax Return Filling is the process of declaring the total income of an individual or a firm to the Income Tax Department of India, at the end of each financial year.

The types of income include income from salary, wage, commission, Interest on the bank account, dividend from shares, rent, royalties on which no tax is deducted, or any other part time income. The summary of these incomes has to be provided in the prescribed form to the Government of India.

The Government of India has prescribed different “forms” (ITR-1, ITR-2, and so on) to file an income tax return according to the type of income made by a person. The form is duly signed and affirmed by the individual to ensure that the correct income statement is presented in the previous financial year. This particular statement is known as the “Return of Income” or “ The Income Tax Return.”

FAQ about Income Tax Return

My total income is below the range of Taxable Income, do I need to file the Income Tax Return?
Yes, even if you don’t have any tax liability, you need to file the income tax return. You have to give the description of your total income, including salary, wage, commission, business or income from any other source.

Do I need to file my Tax Returns even though my Employer has already Deducted Tax at Source (TDS)?
This is a misconception that, if my employer has deducted TDS from my annual salary, I need not to file the return of my income. You have to file an ITR in this case and must mention your total Income.

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