Income Tax Return Filing
The income earned by the individuals and companies is subjected to tax. The tax levied on the earnings of a person is Income tax, which is collected and managed by the Central Government. Such tax on income earned is due in the same financial year wherein it is accrued in the form of credit tax. But the tip and calculation of the salary as well the tax liability is presented in the Assessment Year. This implication form is known as Income Tax Return. The time limit for filing ITR is different for various taxpayers based on the guidelines. ITR Filing is mandatory for Taxpayers whose income surpasses the prescribed income limit. This process is regulated under the Income Tax Act 1961.

The information contains details about the income earned during the time of 1st April to 31st March.

Who Should File an Income Tax Return?
Individuals (Resident of India & NRI's) – Necessary for people surpassing the prescribed income limit. Optional for others

• Sole Proprietors
  Companies
  LLPs and Partnership Firm
  The ITR filing is compulsory for 'Partnerships Firm', 'Sole Proprietorship Firm', 'Companies', and 'LLPs' irrespective of their turnover, income, profit or loss.