Income Tax Return (ITR) is a form that individuals and entities in India are required to submit to the Income Tax Department. It contains information about the entity's income and the taxes to be paid on it during a specific financial year, which runs from April 1 to March 31 of the following year. There are different types of ITR forms, and the form to be used depends on the nature and amount of income and the type of taxpayer. Filing ITR is mandatory for individuals and entities meeting certain income criteria, and it should be done through online mode. The due date for filing ITR varies depending on the type of taxpayer and whether they are covered under tax audits or have undertaken international transactions. Failure to file ITR on time may attract a penalty
. If you have any further questions or need additional information, feel free to ask!
