July 31 was the last date for filing Income Tax returns (ITR) and as of that day, over 6 crore returns have been filed for the Assessment Year 2023-24.
Income tax is levied on the annual income of a person. As per the I-T Law, this period starts on April 1 and ends on March 31 of the next calendar year. The year in which income is earned is called as previous year and the year in which the income is charged to tax is called as assessment year.
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