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Income Tax Returns

What is Income Tax Return?

Income Tax Return (ITR) is a form which a person is supposed to submit to the Income Tax Department of India. It contains information about the person’s income and the taxes to be paid on it during the year. Information filed in ITR should pertain to a particular financial year, i.e. starting on 1st April and ending on 31st March of the next year.

Income can be of various forms such as :

  • Income from salary
  • Profits and gains from business and profession
  • Income from house property
  • Income from capital gains
  • Income from other sources such as dividend, interest on deposits, royalty income, winning on lottery, etc.

The Income Tax Department has prescribed 7 types of ITR forms - ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, ITR-7 and applicability of the form will depend on the nature and amount of income and the type of taxpayer.

Income tax calculator

Benefit of ITR Filling

Businesses have great options through import and export business to unlock the international market for their product or services they are involved in. The IEC code is the main requirement to enter into international market which supports the growth and development of the business to a certain standard. Here are the Benefits or Advantages of IEC Registration for Businesses.

legalkhata ITR Benefits

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