ITR Refund FY 2023-24: Know four types of income tax refund status and reasons behind delay

Income Tax Return: Filing an Income Tax Return (ITR) is an essential responsibility for taxpayers in India, as it enables them to report their annual income, claim deductions, and pay any tax liabilities owed to the government. The process involves submitting a detailed statement of income from various sources such as salary, business, investments, and other earnings for a given financial year. The due date for filing ITRs generally falls on July 31 for individual taxpayers, with extensions sometimes granted. Filing an ITR is mandatory for individuals whose income exceeds the basic exemption limit, which varies based on age and other criteria.