Personal or Individual Income Tax Filing
Income Tax Return (ITR) is a form which a person is supposed to submit to the Income Tax Department of India. 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 forms such as:
- 1. Income from salary
- 2. Profits and gains from business and profession
- 3. Income from house property
- 4. Income from capital gains
- 5. Income from other sources such as dividend, interest on deposits, royalty income, winning on lottery, etc
The Income Tax Department has prescribed 7 types of ITR forms - ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, ITR-7 and applicability of the form will depend on the nature and amount of income and the type of taxpayer.