What is an ITR

Question

What is an ITR

Accepted Answer

ITR stands for Income Tax Return, a form used by taxpayers to file their income tax with the government.

ITR is a document that taxpayers use to report their income, deductions, and tax liability to the government.
It is filed annually by individuals, businesses, and other entities to report their financial information to the tax authorities.
The information provided in an ITR helps the government calculate the tax liability of the taxpayer and determine if any refunds are due.
Filing an ITR is mandatory for individuals and entities meeting certain income thresholds set by the tax authorities.
Failure to file an ITR or providing incorrect information can result in penalties or legal consequences.

Popular interview questions of Tax Associate