Tax filing is the process of reporting your annual income, investments, deductions, and taxes paid to the Income Tax Department by submitting an Income Tax Return (ITR).
An Income Tax Return provides a complete summary of your financial income and tax liability for a financial year. Depending on your income and investments, you may either have to pay additional taxes or become eligible for a tax refund.
Apart from being a statutory requirement, filing your tax returns regularly helps establish financial credibility and serves as proof of income for various financial transactions.
