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Income Tax Filing Filing income tax returns (ITR) is a crucial duty of every taxpayer in India, ensuring adherence to the nation's tax regulations. It involves detailing all sources of income, deductions, and tax liabilities for a comprehensive report to the Income Tax Department. The last dat...
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Income Tax Return filing is mandatory for Taxpayers whose income exceeds the prescribed income limit. ITR Filing process is regulated under the Income Tax Act 1961.
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Income tax defines a tax amount that has to be paid by individuals groups, or entities. Generally, it depends upon their income or revenue during a financial year. Moreover, the income could be— actual, notional, or both.