An income tax return is a vital document used by taxpayers to report their taxable income, deductions, and tax payments. This essential process, known as income tax filing, ensures accurate calculation of the total income tax liability. In situations where individuals have overpaid taxes during the fiscal year, the income tax department provides refunds. Conversely, if taxpayers discover they have underpaid taxes, it is important to promptly settle the remaining tax balance and file their income tax returns accordingly. By following these procedures, individuals can effectively manage their tax obligations and ensure compliance with relevant tax regulations.

The Indian Income tax return form encompasses a range from ITR 1 to ITR 7, serving different types of income. It's important to note that certain forms may be more extensive than others, requiring additional information such as balance sheets and profit and loss statements.

Income Tax Payers

There are three categories of individual taxpayers:

1. Individuals (below the age of 60 years) which includes residents as well as non-residents.

2. Resident Senior citizens (60 years and above but below 80 years of age).

3. Resident Super senior citizens (above 80 years of age).