Insurance Basics

Income Tax Return (ITR) - Definition & Meaning

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An income tax (IT) return is the tax form or forms used to file income tax with the Income Tax Department. The tax returnis usually in a predefined worksheet format where the income figures used to calculate the tax liability are written into the documents themselves.

The law states that tax returns must be filed every year for an individual or business that received income during the year, whether through regular income (wages), dividends, interest, capital gains or other sources.

Tax returns, regardless of whether it relates to an individual or a business, must be filed by a specific date.

If the return shows excess tax has been paid during a given year, the assesse is eligible for a ‘tax refund’, subject to the department’s interpretations and calculations.

 

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