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All about ITR

What is ITR?

The Income Tax Return or ITR is a form in which the taxpayers submit information about their income and tax payments to the income tax department.

A taxpayer should file ITR on or before the due date specified. The ITR form applicable to a taxpayer depends on the type of taxpayer, whether individuals, HUF, company, etc. and you choose the ITR form based on the nature and type of income and total income.

It contains information about the person's income and the taxes to be paid on it during the year. Information filed in ITR should pertain to a particular financial year, i.e. starting on 1st April and ending on 31st March of the next year.

Income can be of various types such as:

Income from salary
Profits and gains from business and profession
Income from house property
Income from capital gains
Income from other sources such as dividend, interest on deposits, royalty income, winning on lottery etc.

 

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