Income Tax Return Filing: A Complete Guide for Taxpayers
Income Tax Return Filing is an essential financial responsibility for individuals, businesses, and professionals earning taxable income. Filing your income tax return (ITR) not only ensures legal compliance but also helps you claim refunds, carry forward losses, and maintain proper financial records. In India, income tax regulations are governed by the Income Tax Department under the Ministry of Finance. What is Income Tax Return Filing? Income Tax Return Filing is the process of submitting details of your income, expenses, deductions, investments, and taxes paid to the government. This information is reported annually through prescribed ITR forms. The purpose of filing an income tax return is to: Report total income earned during the financial year Calculate tax liability Claim deductions and exemptions Pay additional taxes if due Claim tax refunds if excess tax has been paid Who Should File Income Tax Return? In India, the following individuals and entities are required to fil...