An Income Tax Return (ITR) is a formal statement submitted by an individual, company, or entity to the Income Tax Department, disclosing income earned during a financial year, along with tax liabilities and eligible deductions. Filing ITR is mandatory for taxpayers whose income exceeds the basic exemption limit, and it ensures legal compliance, transparency, and proper documentation of financial activities. The return includes details of income from various heads such as salary, business/profession, house property, capital gains, and other sources. Additionally, deductions under sections like 80C, 80D, and others can be claimed to reduce taxable income. Timely filing of ITR helps avoid penalties, interest, and legal scrutiny, and is essential for claiming refunds or carrying forward losses. ITR can be filed online via the Income Tax Department portal, using appropriate forms such as ITR-1 to ITR-7 based on the nature of income. Professional assistance is often recommended to ensure accurate computation, proper documentation, and compliance with deadlines, thereby safeguarding against errors and potential notices from tax authorities.