Income Tax Return Filing
Income Tax Return Filing
ITR is your financial stability proof. It shows your financial strength, stability & credibility. Every person having earning more than tax free income is required to file ITR. Farmers are exempted from Filing ITR.
ITR also important form Loan proposal. Loan amount is mostly decided on the basis of your annual income.
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An income tax return is a form where taxpayers declare their taxable income, deductions, and tax payments. This procedure of filing income tax returns is referred to as income tax filing. While filing, the total income tax you owe to the government is also calculated. If you’ve paid more tax than needed for the financial year, the IT Department will refund the extra money to your account. If you have underpaid taxes for the year, please pay the remaining amount, and then file your income tax returns.
Income tax return form ranges from ITR 1 to ITR 7, used for different types of income. Some forms are longer than the others, and they may need additional disclosures such as balance sheet and a profit and loss statement information.