ITR (Income Tax Return)
Annual declaration filed with India's Income Tax Department reporting income, deductions and tax paid.
Full Definition
An Income Tax Return (ITR) is a form filed annually with the Income Tax Department of India, declaring total income earned during the financial year, deductions claimed, and taxes paid or deducted. Filing ITR is mandatory for individuals whose total income exceeds the basic exemption limit, those with foreign income or assets, those who want to claim a refund, and companies/firms regardless of income. There are 7 ITR forms (ITR-1 to ITR-7) — the correct form depends on your income type, residential status and entity type. The deadline is usually 31 July (individuals) or 31 October (businesses requiring audit).
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