Common Service Hero Section Template

ITR
ITR (Income Tax Return) is a form you submit to the Income Tax Department every year. It includes details about your income, the taxes you’ve paid, and any tax benefits or deductions you’re claiming for the financial year. There are different types of ITR forms (ITR-1 to ITR-7), depending on your income source and the kind of taxpayer you are (individual, business, etc.).

Key Benefits of ITR
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Follows the Law
Filing ITR shows that you are following government rules under the Income Tax Act.
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Get Tax Refunds
If more tax was deducted from your income than needed, you can get that money back by filing ITR.
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Carry Forward Losses
If you had any business or capital losses, filing ITR lets you carry them forward and adjust them in future years to lower your tax.
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Helps in Getting Loans
ITR is often needed as income proof when applying for personal, home, or business loans.
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Useful for Visa Applications
Many embassies ask for ITR documents when you apply for a visa, especially for work or travel abroad.
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Avoid Fines
Filing on time helps avoid late penalties and interest.
