As per the Income Tax Act, 1961, an Income Tax Return (ITR) is a form filed by individuals, businesses, or other entities to report their income earned and taxes paid to the tax authorities. It serves as a means for taxpayers to declare their taxable income, claim deductions or exemptions, and calculate the amount of tax they owe or the refund they are entitled to.
What is Income Tax Return ?
Types of ITR Form:
The Income Tax Department of India provides various Income Tax Return (ITR) forms, each catering to different categories of taxpayers based on their sources of income and the nature of their business.
- ITR – 1 (SAHAJ)
- ITR – 2
- ITR – 3
- ITR – 4 (SUGAM)
- ITR – 5
- ITR – 6
- ITR – 7
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