What is ITR?

An Income Tax Return (ITR) is a document used by taxpayers to report details about their income earned and the corresponding tax liability to the income tax department. It serves as a formal declaration of an individual
or entity’s financial information, ensuring transparency and compliance with tax regulations.
The ITR landscape includes seven different forms: ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7. Each taxpayer is required to file their ITR on or before the specified due date. The choice of ITR form depends on
factors such as the sources of income, the amount of income earned, and the taxpayer’s category, which can include individuals, HUFs (Hindu Undivided Families), companies, and more.