An income tax (IT) return is an income tax form which you need to fill and submit it electroncially to the Income tax Department. In this form you need to give details of your income and taxes (taxes – that you may have paid or other people who may have deducted your tax). The income tax return forms are in various formats viz ITR-1, ITR-2 etc. Each form depicts a separate category of Income tax payers.
Filing ITR is necessary to avoid any penalties.
It is an important proof of your income and of payment of one's taxes.
ITR receipt is a useful document for hassle-free processing of bank loans when you apply for high-value loans like home and car loans.
ITR receipts of the past years are required to process your visa application. They are very particular about your tax compliance and hence, you are asked to furnish past ITR receipts.
