However, there are no substantial changes in the six income tax return forms catering to individuals, professionals and businesses, notified by the Central Board of Direct Taxes (CBDT) on February 10. The finance ministry has allowed individuals against whom search and seizure operations were carried out by the IT authorities to file revised income tax return in ITR-1 form for assessment year(AY) 2023-24. In addition to this, filing an ITR is also a legal requirement if your total income exceeds the basic exemption limit or if you have certain types of income, such as capital gains or foreign income. The purpose of filing an ITR is to calculate your tax liability for the year and to pay any additional tax that may be due, or to claim a refund if you have paid more tax than you are required to. The process of filing an ITR is known as income tax filing.
An income tax return (ITR) is a document that you file with the Indian tax department to report your income, deductions, and taxes paid for a particular financial year.
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