Income Tax Audit

Income Tax Return (ITR) is a form in which the taxpayers file data or information about his income earned and tax relevant to the income tax department. ITR forms varies in 7 sectors i.e. ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 & ITR 7 to date. Every taxpayer should file his ITR on or before the due date to save himself/herself from the heavy penalty. The applicability of ITR forms varies depending on the sources of income of the taxpayer, the amount of the income earned and the category the taxpayer belongs to like individuals, HUF, company, etc.