Tax Law
Income Tax Return (ITR)
A form filed with the tax authorities declaring a person's or entity's income, deductions, and tax liability for a financial year.
Filing an accurate ITR within the deadline is a legal obligation for those whose income crosses the specified threshold, and it also serves as important documentary proof of income for purposes like loan applications and visa processing.
Late or incorrect filing can attract interest, penalties, and, in more serious cases of deliberate evasion, prosecution under tax law.
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