ITR full form And What is Income Tax Return (ITR)?
As conscious responsible citizens, we all must be aware of what is ITR and how to file ITR. The full form of ITR is ‘Income Tax Return (Income Tax Return)’. The tax collected by the central government on your income call ITR. That means once in a year you have to tell the government about income, expenditure, investment. The government uses the income earned from income tax for the public good.
‘Income Tax Return’ is a form to be filled to give the details of your previous financial year to the government. Through ITR, a citizen gives complete details of his income to the government. From what source he earned money, how much he invested, how much he saved, and how much tax he paid.
It is a tax that levies on an income. We do any job, it gets deducted from our salary. If we have any shop or store, then we have to give it to the government ourselves. If we do any business, then we ourselves or another person pays us by deducting the tax. Through Income Tax Returns, we tell the government how much our earnings were this year.
Income Tax Department has prescribed 7 types of Income Tax Returns forms – ITR-1, 2, 3, 4, 5, 6, 7. Paying tax will depend on the income of the taxpayer. Income Tax Return is the process of filing tax returns to the Income Tax Department at the end of a financial year.
ITR Income tax return form:
I T R (Income Tax Returns) form is a form used by the taxpayer for filing income tax returns. The process of submitting the ITR form is known as Income Tax Filing which is submitted to the Income Tax Department, A part of our income is taken by the government in the form of income tax for the development and administration, and service fees of the country. It is called ‘Income Tax’ ie ‘Income Tax’.
Along with income tax, it is also necessary to fill income tax form for every citizen. Even if you do not pay tax, you should fill this form because there is no harm in it, but there are many benefits, which you get from ITR.
Income Tax e-filing
Visit the Income Tax e-filing portal incometaxindia.gov.in. Click on IT Return Preparation and click on Download in the menu. Fill the ITR form, confirm all the information filled in the ITR form, and calculate the tax. The income tax department analyzes your income, if any mistake is found then the income tax department can also take responsibility. On submitting it, we get income tax proof, which we need for many important tasks like taking a loan or getting a credit card.
You can file income tax returns online (e-filing). You can also file Income Tax returns offline. According to the Income Tax Act, it is mandatory for those whose age is less than 60 years and income is more than 2.5 lakhs, it is mandatory to fill the ITR form. It is also mandatory for senior citizens who are 60-80 years old and have an income of more than 3 lakhs, to fill in the ITR form.
You can also file Income Tax Return offline is a statement, which tells the government how much the citizens of a country earn from their business or job and how much tax they pay on it.
How to Documents required to file ITR
What documents you will need for this.
You will need the following documents.
Form 16A, 16B, 16C
Proof of tax-saving investment