Income Tax Return

An Income Tax Return (ITR) is a formal document filed with the government’s tax authority that reports an individual’s or business’s income, expenses, and other tax-related information for a specific financial year. It details how much money was earned and the taxes owed on that income. Filing an ITR allows taxpayers to calculate their taxable income, claim deductions or credits, and potentially receive tax refunds if they overpaid during the year. It is a legal requirement in many countries, helping to ensure compliance with tax laws and contributing to public finances.