ITR (Income Tax Return) filing is the process through which individuals and entities report their income earned during a financial year to the tax authorities and calculate their tax liability or refund. Here are the key aspects of ITR filing
Collect necessary documents such as Form 16 (for salaried individuals), bank statements, investment proofs, and other relevant financial documents.
Select the appropriate ITR form based on your income sources and nature of income.
Compute total income and deductions under various sections of the Income Tax Act to arrive at taxable income.
Verify ITR filing using Aadhaar OTP, EVC (Electronic Verification Code), or by sending signed ITR-V to CPC, Bengaluru.
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