Income Tax Return (ITR)

Income Tax Return (ITR)

Filing an Income Tax Return (ITR) is a legal obligation for individuals and businesses with taxable income in India. It helps the government assess your financial earnings and ensures compliance with the Income Tax Act, 1961. ITR filing is essential for claiming refunds, carrying forward losses, and serving as proof of income for loans and visa applications.

The Income Tax Department offers online services for hassle-free return filing through its official portal. Taxpayers can file returns based on different ITR forms such as ITR-1, ITR-2, ITR-3, etc., depending on their income sources and category.

Key Benefits of Filing ITR:

• 1. Proof of Income – Useful for visa processing, loan approvals, and financial transactions.
• 2. Claim Refunds – Get refunds on excess tax paid through TDS or advance tax.
• 3. Carry Forward Losses – Set off and carry forward losses for future tax benefits.
• 4. Avoid Penalties – Stay compliant and avoid late filing fees or penalties.
• 5. Contribute to Nation Building – Helps in building a transparent and accountable economy.