The government imposes taxes on taxable income for various entities including individuals, HUFs, companies, firms, LLPs, AOPs, BOIs, Local Authorities, and other Artificial Judicial Persons under India's IT Law. Tax liability is determined based on the residential status of the person. Indian residents are obligated to pay taxes on their global income. Taxpayers are required to file their Income Tax Returns (ITR) annually.
What is ITR?
ITR stands for Income Tax Return. It's a form that individuals submit to the Income Tax Department of India, detailing their income and the taxes payable for the year. The information provided in the ITR should pertain to a specific Financial Year, which runs from April 1st to March 31st of the following year.
