Individual Income Tax Return Filing

ITR stands for Income Tax Return. Here Return is the Statement, in which a Person shows that how much amount he has earned during the year and how much expenses he has made and what are his taxability at the end of the year.
It is basically based on the Income of the person and sources of the Income in India or abroad, earned during the year. Hence it is the Statement("Return") in which the amount of "tax" payable or refundable is shown on the basis of "Income".
Income tax return filing is applicable on all the persons defined under the Income tax Act,1961 and it is totally based on the slabs on Income of the persons.