Income Tax Department – ITR Fillng

Income Tax Return or ITR Filing in India is the application made to the Income Tax Department by taxpayers to inform them about their Income and tax. According to Income Tax Act, 1961, as well as Income Tax Rules, 1962, every Indian Citizen is obliged to file the income tax returns at the end of the FY or Financial year at the Income-tax Department. If not filed the return itr by the due date mentioned by the department, citizens are bound to pay the fine and are not allowed to carry forward certain losses in the next financial year. There are different forms like ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6, & ITR 7, should be filled by citizens depending upon the criteria they fall in described by the Department of Income Tax, India.