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Income Tax Returns Filing in India refers to the process by which individuals and entities report their income, expenses, and tax liabilities to the Income Tax Department. It involves submitting the appropriate Income Tax Return (ITR) form based on the taxpayer's category and income sources. Timely filing ensures compliance with tax laws and allows taxpayers to claim refunds or carry forward losses.

Income Tax Returns Filing

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  • Income Tax Returns Filing in India is the process through which individuals, firms, and companies report their annual income, expenses, and taxes owed to the Income Tax Department. Taxpayers must choose the correct Income Tax Return (ITR) form based on their income sources and category, such as individuals, partnerships, or corporations.

     

    The filing is usually done annually, and it is essential for assessing tax liabilities, claiming refunds, and carrying forward losses. Timely filing is crucial to avoid penalties and ensure compliance with tax regulations.

     

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