Income Tax Return

An Income Tax Return is a document that contains details of income, deductions, and taxes paid by a taxpayer. It is filed with the tax authorities to assess the tax liability of the taxpayer.

Filing Income Tax Return ensures legal compliance, allows taxpayers to claim refunds, facilitates loan approvals, helps in visa processing, and allows carrying forward losses to future years.

The process involves gathering necessary documents, logging into the income tax e-filing portal, selecting the appropriate ITR form, filling in the details, uploading documents, submitting the return, and paying any tax liability.

There is no fee for filing Income Tax Return. However, professional fees may apply if you seek assistance from a tax consultant or professional.

Income Tax Returns need to be filed annually, typically by July 31st of the assessment year.

While it's not mandatory to have an attorney, it can be beneficial to ensure your return is correctly filed and to handle any legal issues that may arise during the process.

Income Tax Return filing is specific to India. However, non-resident Indians (NRIs) with income in India are also required to file returns.

If an opposition is filed, you will need to respond to the opposition notice. The tax authorities will review both sides' arguments before making a decision.