ITR for Individual Business is designed for self-employed individuals, freelancers, and proprietors who earn income from their business or profession. This type of return is more detailed than a salaried ITR, as it requires the reporting of business revenue, expenses, and the calculation of net profit or loss.
Properly filing this ITR is essential for maintaining financial records, claiming business-related deductions, and complying with tax regulations. It also serves as a key document for securing business loans, demonstrating financial stability, and planning for future growth.
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