INDIAN TAX FILING

Wondering what is income tax and how does it work? Income tax in India is a tax paid by individuals or entities depending on the level of earnings or gains during a financial year. Filing of Income Tax Return (ITR) is compulsory for earning individuals or entities, depending on their earning capacity.

The Income Tax Return needs to be filed on prescribed ITR Forms. For AY 2020-21, there are six ITR Forms: ITR-1, ITR-2, ITR-3, ITR-4, ITR-5 and ITR-7.