Income Tax Return or ITR is the annual tax return to be filed with the Income Tax Department. All eligible individuals, companies, firms, companies and other entities in India are required to file an ITR on their annual income every year on or before September 30.
There are different tax slabs on the basis of which the tax rates are applied on the annual income of a person. Income tax must be filed annually on the basis of these tax slabs if the income of an individual or company crosses the exemption limit. The ITR is the document that lays down the details of tax paid by a person along with the requisite deductions like investments, TDS, pay slips, rent receipts, etc.
The first step of ITR filing includes submitting the documents for the preparation of Income Tax Return. The ITR is prepared on the basis of the deductions applicable to the company or individual. After the ITR details are approved by the person, the ITR is filed with the Income Tax Department before the due date i.e. September 30.