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Income tax return is the form in which assesses file information about his/her income and tax thereon to Income Tax Department. Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. When you file a belated return, you are not allowed to carry forward certain losses. [1]
Pre-filled ITR: As part of efforts to popularise the electronic mode of filing Income Tax Returns (ITRs), the CBDT is planning to provide “pre-filled” return forms to filers which will have an automatic upload of data on income and other vitals of a taxpayer.
A belated return, under §139(4), may be filed before the end of the assessment year. A revised return, under §139(5), may be filed for a normal or belated return by the end of the assessment year. An assessing officer may flag a defective return under §139(9). Defects must be rectified by the taxpayer within 15 days of notification.
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A taxpayer who finds a mistake on a previously filed individual income tax return can file corrections with Form 1040X. In the United States, taxpayers may file an amended return with the Internal Revenue Service to correct errors reported on a previously paid tax return.
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A tax return is a form on which a person or organization presents an account of income and circumstances, used by the tax authorities to determine liability for tax. [ 1 ] [ 2 ]
Direct tax in the form of an income tax was introduced by Sir James Wilson in India in 1860 to overcome the difficulties created by the Indian Rebellion of 1857. [12] The organisational history of the Income-tax Department, however, starts in the year 1922, when the Income-tax Act [4], 1922 gave, for the first time, a specific nomenclature to various Income-tax authorities.