The return of Income Tax also termed as ITR is a statement of taxable income, a computation as to how the taxable income is calculated and details of the taxes paid by the taxpayer during a specific financial year. The ITR is filed in the assessment year which is subsequent tax period to the period in which income is earned. For the last date (Due Date) of submitting the ITR for individuals is 31st July while for companies it is 30th of September.Income tax return is an annual statement of the income and tax paid thereon based upon self-assessment by the taxpayer detailing the gross receipts, expenses & taxes paid. The return of income tax has to be filed within its due date which falls in the next financial year for the income earned during a financial year. The year in which the return is to be filed is called as assessment year and the period for which the tax return is filed is called as the previous year. For example, the if the income earned is within 2017-18, then the period shall be known as the previous year and the assessment year shall be 2018-19.
Benefits of filing ITR: ITR filling is not mandatory for individuals who are earning income at some level. However, there are numerous monetary and non-monetary benefits that an individual can avail if ITR has been filed timely.
in many cases tax has been deducted at source on some transactions made in favour of individual,If the individual has filed timely ITR, he can claim for the refund of the tax. Otherwise he cannot avail the benefit of ITR refund. Therefore, it is advisable to all employed person to fill the ITR timely