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Glossary / Also known as

Return of income

Another name for Income Tax Return (ITR).

Other names
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What does return of income mean?

Return of income is another name for Income Tax Return (ITR). The annual filing submitted to the Income Tax Department declaring income, deductions, and tax liability for a financial year.

The two names mean the same thing. You will see "return of income" in some ledgers, reports and contracts and "ITR" in others. The full entry covers how it works, with examples.

Read the full definition of Income Tax Return (ITR)

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From the glossary

Related terms.

Due dates and calendars Income Tax Return (ITR) The annual filing submitted to the Income Tax Department declaring income, deductions, and tax liability for a financial year. Also called return of income, income tax filing Income Tax Act 2025 Income Tax Act, 1961 The primary legislation governing the levy, assessment, and collection of income tax in India. Also called Income Tax Act 1961, IT Act, the old Income Tax Act TDS returns and challans Annual Information Statement (AIS) A comprehensive statement issued by the Income Tax Department showing all financial transactions reported against your PAN. Also called AIS statement TDS TDS (Tax Deducted at Source) A system where the payer deducts income tax at prescribed rates before paying the payee, and deposits it with the government on the payee's behalf. Also called withholding tax, tax deduction at source, tax withheld at source Due dates and calendars Assessment Year (AY) The year immediately following the Financial Year in which income earned during the FY is evaluated and taxed. Also called tax assessment year Due dates and calendars Advance Tax Advance tax is the income tax paid in instalments during the financial year in which the income is earned, rather than as a lump sum at year-end, as mandated by the Income Tax Act. Also called advance income tax, pay-as-you-earn tax
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