Income Tax Return or IT Return is the annual tax you pay to the government on the total income of the previous financial year. The income includes one's salary, profits or gains from business or profession, rental income from house property, capital gains, and income from other sources.
The last date to file the Income Tax for FY15 is August 31, 2016 but one can file the belated IT Return without penalty up to March 31, 2017.
Income Tax Return is a complete and true statement of one's income in the previous financial year - duly signed and affirmed by the taxpayer.
You need to file ITR for Financial Year 2015-16 if: Your gross total income is more than Rs 2,50,000 from April 1, 2014 to March 31, 2015.
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