What Is an Income Tax Returns (ITR) Document?

Income Tax Returns or ITR is a form used to file income tax. We declare our earnings and pay tax if our income is more than a certain amount.

If we are liable to pay tax, the ITR form will tell us how much tax to pay since our PAN Card is linked with it.

We can also claim tax deductions and exemptions in ITR, and get back the money we have paid as tax if our income falls below a certain amount.

Income tax is charged on income from different sources, as shown below:

ITR Form 1 is used for regular salaried individuals.

ITR-V or Income Tax Return Verification is an acknowledgement that the IT department gives after we file our tax returns.

Now let us also understand what are the different ways of paying tax