What is ITR?
Income Tax Return (ITR) is a form in which the taxpayers file information about their income earned and tax applicable, to the income tax department.
The department has notified 7 various forms i.e. ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 & ITR-7 to date. Every taxpayer should file his ITR on or before the specified due date. The applicability of ITR forms varies depending on the sources of income of the taxpayer, the amount of the income earned and the category of the taxpayer like individuals, HUF, company, etc.
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Why should you file ITR?
- If you want to claim an income tax refund from the Government.
- If you have earned from or have invested in foreign assets during the FY.
- If you wish to apply for a visa or a loan
- If the taxpayer is a company or a firm, irrespective of profit or loss.
- If you have loss from business/profession or under capital gains head, you will not be allowed to carry them forward to the next years unless you file the return before the due date
Why Kor Tax For Seamless ITR Filing?
