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ITR

Filing Income tax returns in India is a mandatory compliance for businesses eligible to pay income tax under the Income Tax Act, 1961. The corresponding rules of the Act prescribes the manner in which such returns must be filed to the Income Tax Department of India. Non- filing, incorrect filing, and late filing of ITR invites a slew of hefty fines and penalties on the defaulter. Since Income tax is a direct tax, its burden has to be borne by the businesses and cannot be shifted on the end consumers. Accordingly, the responsibility of filing returns also lies with the business only.