Understanding the Basics of ITR Filing

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 ITR filing is the process of submitting your income tax return to the Income Tax Department. It’s a legal obligation for individuals with taxable income, but even those below the threshold can benefit from filing. It acts as proof of income, helps with visa applications, and allows for refund claims on TDS. Salaried employees typically file ITR-1, while business owners may file ITR-3 or ITR-4. To file, you’ll need your PAN, Form 16, bank statements, and investment proofs. E-filing on the income tax portal is simple, fast, and free. Filing before the due date avoids penalties and interest.

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