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Income Tax Return
Income Tax Return (ITR) is a statement of income and tax thereon, which is to be furnished by a taxpayer to the Income-tax Department in prescribed form. Every year different forms of returns of income are prescribed by the Income-tax Department for different taxpayers having different income from different sources.
The Income Tax Act, 1961, and the Income Tax Rules, 1962, obligates citizens to file returns with the Income Tax Department at the end of every financial year. These returns should be filed before the specified due date. Every Income Tax Return Form is applicable to a certain section of the Assessees. Only those Forms which are filed by the eligible Assessees are processed by the Income Tax Department of India. It is therefore imperative to know which particular form is appropriate in each case. Income Tax Return Forms vary depending on the criteria of the source of income of the Assessee and the category of the Assessee.
- Having filed the ITR will help individuals, when they have to apply for a vehicle loan (two-wheeler or four-wheeler) or Home Loan. All major banks can ask for a copy of tax returns.
- Any refunds due can be claimed.
- Some losses such as Speculation Loss, Business Loss, Capital Loss, Loss from activity of owning & maintaining race horses can be carried forward only on filing the income tax returns before the due date.
- Visa processing can be smoothened because authorities ask for previous 3 year ITRs.
- Timely filing of tax returns saves your penalty and interest.