The first eligibility is the person should be an Indian resident. In this process, if you pay more than the amount prescribed, the extras will be refunded to you.

In some cases, the violations may result in legal actions like imprisonment too. If you fail to file ITR, you will be imposed with penalties and interests. Is it Necessary to File the ITR?Ī person who falls under the tax bracket must file an ITR. Income Tax Return (ITR) is a record of the above for a financial year. An IT is paid by a person who comes under a taxable income. Income Tax (IT) is the tax levied on a citizen by the Government of India.

What is the Difference Between IT and ITR? The amount that you pay to the Income Tax Department differs according to your income. The financial year for an ITR is usually from the 1st of April to the 31st of March of the next year. The ITR form for the respective financial year should be submitted to the Income Tax Department of India. The ITR is a form that has details on a person’s income and the tax that has to be paid in return. This article gives a complete understanding of all of these. As an Indian citizen, you must be aware of IT, ITR, their difference, ITR Filing, etc, even when you do not fall in the tax slab. In India, the Income Tax and related laws are regulated by the Government of India. Paying Income Tax (IT) is the duty of a responsible citizen.

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