ITR (Income Tax Return) filing is a statement of an individual’s earnings from single or multiple sources. It contains details of tax paid on total earnings. The process of submitting an Income Tax Return to the Income Tax department is called Income Tax Return Filing or ITR Filing.
ITR filing is a mandatory practice for those who earn an income of INR 2.5 lakhs (Generall tax Payer category). ITR filing takes place generally between April to July. Non-filing of Income Tax Return attracts interest, penalty, prosecution, and scrutiny from the Income Tax Department.