ITR (Income Tax Return) for Salaried Individuals is the process of filing income tax returns specifically designed for individuals who earn a salary or pension income. It is a mandatory annual filing requirement for salaried employees whose total income exceeds the basic exemption limit set by the Income Tax Department.
Filing ITR is not just a legal obligation but also serves as an important financial document that can be used for various purposes like loan applications, visa processing, and as proof of income. For salaried individuals, the process is relatively straightforward as tax is typically deducted at source (TDS) by their employer, but they still need to file returns to reconcile their total income and claim any eligible deductions or refunds.
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