Complete Guide to Filing Income Tax Return (ITR)
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It is mandatory for every citizen in India whose income exceeds a certain limit to file Income Tax Return (ITR). Apart from being a legal process, it is also important for maintaining financial stability, obtaining loans and other financial tasks. If you are filing ITR for the first time or want to understand the process better, then this guide will help you. 1. What is Income Tax Return (ITR)? Income Tax Return (ITR) is an official document in which an individual or business submits information about their annual income, expenditure, tax deductions and tax payable to the government. It is managed by the Income Tax Department and comes under the Income Tax Act, 1961. 2. Who can file ITR? The following individuals and entities can file ITR in India Salaried individuals whose annual income is above the taxable limit Self-employed or freelancers who offer their own services Businessmen and entrepreneurs Hindu Undivided Family (HUF) Companies, Partnership Firms and LLPs NRIs (Non-Resident ...