Income Tax Return

What is Income Tax Return (ITR)?

Income tax return is a statement declaring an entity’s net tax liability, claims of tax deductions and the gross taxable income. All individuals or companies, who earn a certain amount of money or more are required by law to file income tax returns.

Points to remember

  • A tax return reports the income, expenses and other financial information about the individual.
  • Income tax returns are filed annually in most countries.
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