Income Tax Return (ITR) is a statement filed annually with the Income Tax Department. It contains income details, deductions claimed, and taxes paid. Filing ITR on time ensures compliance and allows you to claim refunds.
Who Should File ITR?
- Individuals earning above basic exemption limit
- Businesses & Professionals
- NRIs with income in India
- Companies & Partnerships
Documents Required
- PAN & Aadhaar
- Form 16 (for salaried individuals)
- Bank Statements
- Investment proofs for deductions
- Home loan details (if applicable)
Steps to File ITR
- Collect necessary documents
- Choose correct ITR form
- Fill income & deduction details
- Pay pending taxes (if any)
- Submit return & e-verify
Benefits of Filing ITR
- ✅ Avoid penalties
- ✅ Claim refunds
- ✅ Proof of income for loans & visas
- ✅ Stay compliant with IT laws
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