Income tax return is a tax form submitted to the Income Tax Department by an assessee. It contains detailed income an assessment that he had earned throughout the year (starting from 1st April ending 31st March) and also the tax liability that is born by the taxpayer.
Income tax return must be filled in India by any Assesse whose gross total income (before deductions) exceeds 250000 annually. This income may be gained through mainly five heads of income.
I.e. Income from salary
- Income from Business or Profession
- Income from Capital gains
- Income from House property
- Income from Other sources
DThe date for filing income tax return in India F.Y 2016-2017 (A.Y 2017-18) is 5 August 2017 for Individuals and 30th September for Businesses.