Income Tax Return

  Introduction A lot of buzz gets explode during a particular month of a year forcing you to file your income tax return and so on. Infect now a days even government also telecasts advertisement that every citizen should file income tax return. So in this blog we will focus on what is income tax return, how you can file income tax return, what type of ITR is applicable to you, what the last of filing income tax return is and why you should file ITR. What is income tax return? An income tax return is basically the declaration of your income. This is the statement where you are supposed to report how much have you earned during a particular financial year, what are your expenses and what are the investments you had made. The form of ITR consist of various details such as bifurcation of income in different heads, deductions to be claimed under various schemes/categories, tax already deducted as TDS, tax payable or refund to be claimed, any life insurance policies or mediclaime t...