Income Tax Return Filing

Income tax return ITRs are kind of forms which are used to declare net tax liabilities, claim tax deductions, report gross taxable income, in which an individual who earns specific amount of money are required to fill this IT return. Whether you are a self-employed of salaried individual, firm/corporation, Hindu undivided families (HUFs) should file an ITR to respective income tax department of India. Here, it is a process where the person paying a tax must record his total income earned during fiscal year. There are seven form of ITR available for an individual know as ITR1, ITR2, ITR3, ITR4, ITR5, ITR6, ITR7 and for firms and companies different ITRs are available know as ITR5, ITR6, ITR7.