Personal Income Tax Returns in India
Personal Income Tax Returns (ITR) are annual filings made by individuals to report their income and taxes paid to the government. The return calculates the tax liability and determines if additional tax is due or a refund is owed.
Key Features:
- ITR-1: For salaried individuals with income up to ₹50 lakh.
- ITR-2: For individuals with income from multiple sources.
- ITR-3: For business or professional income.
Due Date:
- Typically, the due date for filing is 31st July of the assessment year.
- Filing ITR is mandatory for those with taxable income and helps in ensuring compliance, claiming tax refunds, and maintaining financial transparency.