WHAT IS ITR FILING?
The Income Tax Return is the document on which an assessee submits information about his income and taxes to the Income Tax Department. At the conclusion of each fiscal year, all citizens must file returns with the Income Tax Department. These returns must be submitted by the due date mentioned. Every Income Tax Return Form applies to a certain group of taxpayers. The Income Tax Department of India processes only those Forms filed by qualified Assessees. As a result, knowing which specific form is suitable in each circumstance is critical. Income Tax Return Forms differ based on the Assessee's source of income and the category of the Assessee.
Individuals, NRIs, partnership businesses, LLPs, corporations, and trusts must file income tax returns each year. Individuals and NRIs must submit income tax returns if their earnings exceed the exemption level. Partnership businesses are obliged to file an income tax return, regardless of the amount of revenue or loss. Every business is obliged to file an income tax return. Finally, most types of trusts are required to submit income tax returns each year, while certain trusts are needed to file returns if their gross total income exceeds the exemption level.