What is Income Tax Return?
An Income Tax Return, commonly called ITR, is the form used to share your income
details with the Income Tax Department. It shows the income you earned during the financial year and
the tax related to that income. The form also includes details from different sources such as
salary, business or professional earnings, house property, capital gains, and other income.
Along with income details, taxpayers can also mention deductions they are eligible to claim. After
the return is filed, it becomes clear whether any tax is still payable or if a refund will be
received. ITR filing also acts as a record of your income and can be useful when applying for things
like loans, credit cards, or visas.