Basic Facts on Income Tax Return
Income Tax Return is a form which is used to file the income tax with the Income Tax Department.
Income tax is a tax imposed by the Central Government on the income of a person.
Filing income tax is every citizen’s responsibility.
The IT department verifies these income declarations, and if any amount has been paid in excess, the department refunds the amount to the assessee’s bank account.
All entities are required to file taxes on time to avoid penalties.
The form that contains information on income and tax paid by an assessee is called Income Tax Return.
The Income Tax Department of India has various forms, such as ITR 1, ITR 2, ITR 3, ITR 4S, ITR 5, ITR 6 and ITR 7.