Any individual earning an income above a certain amount is liable to pay income tax. The income can be earned from any sources like salary, rental income, interest income from savings, income from mutual funds, agriculture income, sale of property or business or professional income. Income tax rates are finalised in the Union Budget before the start of the financial year.

Income Tax Return is a simple Form that has to be filed with the Income Tax Department which contains the different parts where we have to disclose all the sources of the income earned and the tax liabilities are calculated. The type of ITR depends on the amount of income and other checks as laid in Income Tax.

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