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The Income Tax Return (ITR) is a form that must be filed with India's Income Tax Department. It contains information on a person's earnings as well as the taxes that must be paid on those earnings throughout the year. ITR could be filed online. To do so, taxpayers should register with the income tax Department’s e-filing website.
Income tax is a sort of direct tax levied by the government on the incomes of its citizens. Income tax is described as money taken from your earnings by the government to fund government operations and activities. The central government is required to collect this tax under the Income Tax Act of 1961.
Money earned in the form of wages is not the sole source of income. Income from a residence, business profits, professional gains (bonus), capital gains income, etc, are all included in the income source. The government may waive taxes on certain components of income which are known as standard deductions.
The Income Tax Return (ITR) is a form that must be filed with the Income Tax Department as a declaration of earned income. You can file ITR manually or online. To file your ITR online, you must first create an account on the e-filing website of the Income Tax Department www.incometax.gov.in.
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