What is an Income Tax Return?

Before we start to income tax return first we have to understand 

What is income?

What is Tax?

What is Income?

Income is money that an individual or business receives in exchanges for providing a good or service or through investing capital. Income is used to fund day-to-day expenditures. For individual, income is most often received in the form of wages or salary.

What is Tax?

A compulsory financial charges contribution to state revenue, levied by the government on worker's income and business profits, or added to the cost of some goods, services, and transactions,

Income Tax Return is the form in which assessee files information about his income and tax thereon to income tax department. Various forms are ITR1, ITR2, ITR3, ITR4, ITR5, ITR6 & ITR7. When you file a belated return, you are not allowed to carry forward certain losses.

The Income Tax Act, 1961, and the income tax rules, 1962, obligates citizens to file returns with the income tax department at the end of every financial year(1st Apr to coming 31st Mar).