Income Tax Return (ITR) Filing

Filing an Income Tax Return (ITR) is a crucial financial responsibility for individuals and businesses earning taxable income. It is a legal requirement mandated by the Income Tax Department, allowing taxpayers to report their income, claim deductions, and calculate their tax liability. Filing ITR on time helps individuals stay compliant with tax laws and avail benefits such as refunds on excess tax paid and eligibility for loans or visas. Various ITR forms are available depending on the taxpayer’s income source, such as salary, business profits, or capital gains. With the advent of online tax filing, the process has become more convenient, ensuring transparency and accuracy.

Required Documents:

• PAN Card.
• Form 16 (for salaried individuals).
• Bank account details.
• Proof of deductions (e.g., investments, donations).

Information:

• Filing deadlines are usually July 31st for individuals and October 31st for businesses.
• Ensure proper verification to avoid penalties.