ITR Filing: A Complete Guide to Income Tax Return Filing in India
ITR Filing is the process of submitting your Income Tax Return to the government, declaring your income, expenses, deductions, and taxes paid during a financial year. In India, ITR Filing is regulated by the Income Tax Department under the Ministry of Finance. Filing your ITR correctly and on time is not only a legal responsibility but also an important step toward financial transparency and credibility. What is ITR Filing? ITR (Income Tax Return) filing is the process through which individuals, businesses, and other entities report their annual income to the government. The return includes details such as: Salary income Business or professional income Capital gains Rental income Other sources of income Tax deductions and exemptions Taxes already paid (TDS, advance tax, self-assessment tax) After submission, the Income Tax Department reviews the return and processes refunds (if applicable). Who Should File ITR? ITR filing is mandatory for: Individuals whose income exceeds th...