Moreover, ITR also helps an individual to calculate the tax liability. Only after filing this form can an individual claim any refunds for the tax they already paid as TDS deductions.

ITR ( Income Tax Return), on the other hand, are forms through which taxpayers file information regarding their annual income and the tax applicable to the income tax department.

Income from Profits or Gains from Business or Profession.

Every year, the union budget also adds and enhances some important income tax regulations based on which the income in the following financial year will be taxed.Īt present, there are five main types of income these are: Since then, many amendments have been made to match the current economic situation better. However, it came into force on April 01, 1962. The Income Tax Act was passed in 1961 by the Ministry of Law. People can make income tax payments online, including TDS/TCS payments. Income tax is the amount of tax paid by an individual or organisation on their annual income determined at the end of every financial year. Income Tax & ITR: Meaning Different Types of Income Tax (ITR) Form Conclusion FAQs Income Tax & ITR: Meaning

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Itr 2 fillable form