What is Income Tax Return (ITR): Know your ITR Status Manual
%20Know%20your%20ITR%20Status%20Manual.png)
Income Tax Return (ITR) is a document that is filled out by the taxpayers of India in order to provide the details of the Income Tax Department. Income tax returns need to be filed by entities and employers that receive over the set threshold of the government for exemption. This facilitates the operations of checking transactions and enables the government to monitor and collect taxes more efficiently. Importance of Filing ITR: - Legal Compliance: The Apply for ITR online is legal requirement in India for individuals and entities; who have certain threshold income. - Financial Record: This acts like an identification card for income and tax, which may be vital when it comes to granting of loans, visas, and so many other financial activities. - Claim Refunds: Even to get a refund in case of excess tax on the employees’ side as per the provisions of Section 192 of the I.T. Act for every financial year, they prefer filing an ITR. - Carry Forward Losses: In ITR filing, one has the a...