ITR (Income Tax Return)

Income Tax Return is the document used to report an individual’s or a business’s income and other taxes to the government. It is used to calculate the total tax owed or refunded. This document is usually filled out and submitted to the government on an annual basis. It contains details about the individual’s or business’s income from various sources, such as employment, investments, and sales of goods and services, as well as deductions for things like charitable donations and retirement savings. Additionally, it also contains information about any credits the individual or the business is eligible for, such as the earned income tax credit. It is important to accurately complete the return and submit it on time to avoid any fines or penalties.