Question
Download Solution PDFIn the context of Income Tax, the acronym ITR stands for
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Income Tax Returns.
- In the context of Income Tax, the acronym ITR stands for Income Tax Returns.
Key Points
- Income Tax Returns contains information about the person’s income and the taxes to be paid on it during the year.
- The Income Tax Department is a government agency which undertakes direct tax collection of the Government of India.
- It comes under the Department of Revenue of the Ministry of Finance.
- The Department is headed by the Central Board of Direct Taxes (CBDT).
Additional Information
- Income tax is a tax paid by individuals or entities depending on the level of earnings or gains during a financial year.
- It is calculated on the basis of tax rates determined by the government for a particular year.
Last updated on Jul 5, 2025
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