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Income Tax Return (ITR) is a document which an individual needs to submit to the Income Tax Department of India. It consists of the details about the income of the individual and the taxes to be paid during the year. Details filed in ITR should pertain to a particular fiscal year, i.e. beginning on 1st April and ending on 31st March of the next year.
Income tax is a type of tax that the government of India charges on the income earned during a financial year by individuals and businesses. Taxes offer revenue to the government which they utilize for developing infrastructure, subsidies to the farmer or agriculture sector, offering healthcare, education, and other welfare schemes of the government. There are mainly two types of taxes which are direct taxes and indirect taxes. The tax calculation is done on the basis of the income slab rates applicable during that fiscal year.
Advantages of filing income tax returns
There are various benefits of filing income tax returns on time which are as follows:
Filing the income tax return on time may avoid penalties. If the individuals did not file their tax returns according to the income tax act then the tax officer has all the right to impose a penalty.
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