Income Tax Return
Income Tax Return (ITR) is a statement which a person needs to be submitting to Income Tax Department of India. It contains information about the person’s income and the taxes to be paid on it during the year. Information filed in ITR should pertain to a particular financial year, i.e., starting on 1st April and ending on 31st March of the next year. Income can be of various source such as:
Income from salary
Profits and gains from business and profession
Income from house property
Income from capital gains
Income from other sources such as dividend, interest on deposits, royalty income, winning on lottery, etc.
The Income Tax Department has prescribed 7 types of ITR forms – ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, ITR-7 and applicability of the form will depend on the nature and amount of income and the type of taxpayer.

Advantages Of Income Tax Return
Easy Loan Approval
ITR provide a significant strength to CIBIL score of a person or entity, which improve the percentage of getting a loan approval.
Easy VISA Approval
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Income Tax Refund
The person who has the excess tax paid/deducted can get the refund through ITR filing.
Income Proof
Filed ITR is a valid proof of income of any person until unless it is challenged by an assessing officer.
Carry Forward Losses
If ITR is filed with in the due date a person can carry forward losses to subsequent years to set-off these losses against the income of subsequent years which ultimately reduces the tax burden.