ITR meaning in Income Tax ?

Answer: What is Income Tax Return mean?

A tax return is the completion of documentation that calculates an entity’s or individual's income earned with the amount of tax payable to the government, government organizations or to potential taxpayers.

Specific tax forms can be used by taxpayers, or private entities that are required to report information on the tax liabilities together with income earners, businesses, and companies.

Taxation is one of the biggest governmental sources of income. There are two types of taxes—direct and indirect—which are both parts of the tax revenue. Tax revenue is the income of government gained from taxes that are levied on income, profit, goods and services, land revenue, ownership, and transfer of property, and other taxes. It shows how effectively and to what extent the government manages the resources of the economy. Total tax revenue is then the percentage of GDP which stands as an indicator of the share of the country’s output collected by the government through taxes. Tax revenue is used by governments to grant sums of money to communities, including military, education, hospitals, and infrastructure. There are many programs that use money from the tax revenue such as defence and security that includes grants for Department of Defence; social security programs, major health programs, or safety net programs which are for example unemployment insurance, low-income housing assistance, food stamps etc.

In the United States the Internal Revenue Service (IRS) administers federal tax laws. It is a government entity that fulfils three main functions. Firstly, it processes tax returns. Secondly, it provides services for taxpayers. Thirdly, it enforces the tax laws enacted by Congress. Furthermore, IRS also investigates financial crimes and oversees tax-exempt organizations.

Citizens in Sweden, Denmark, Finland, and Iceland pay the highest taxes. Aside from the Nordic countries, Austria, the Netherlands, and Belgium also have high taxes. In contrast, countries such as Saudi Arabia, Brunei, Monaco, the Cayman Islands, Bahamas, and Andorra are so-called tax havens. These countries either have very low taxes, or none at all.

reference

Full Form	Category
Institute for Telecommunications Research	Academic & Science
Institute for Translational Research	Academic & Science
Ineligible To Return	Academic & Science
Intent To Register	Academic & Science
Inquiry To Remittance	Accounts and Finance
Itumbiara	Airport Code
International Treasury Request	Banking
ITR	Business
Inspection and Test Report	Business
Income Tax Reference	Business
Income Tax Rates	Business
Implicit Tax Rate	Business
Income Tax Returns	Business
Insurance Technical Reserves	Business
Income Tax Received	Business
Integrated Transmission Network Group	Business
Invisible Thread Reel	Business
Instant Timer Recording	Business
Internet Traffic Report	Computing
Input Throughput Rate	Computing
Internet Talk Radio	Computing
Internal Throughput Rate	Computing
Internet Threat Report	Computing
Information Technology Resources	Computing
Information Technology and Resources	Computing
Innovative Technology Regulation	Computing
Instrument Technical Room	Computing
Information Technology Request	Computing
ITR.ETH Intercoin Investor	Cryptocurrency
Israel Trauma Registry	Database Management
Inspection and Test Request	General
Inpatient Treatment Report	General
Investigational Trials Resource	General
Indiana Toll Road	General
Information Ticketing Registration	General
Inventory Turn Rate	General
Information Ticketing and Registration	General
Information Tickets and Registration	General
Ineligible to Re	General
In the Red	General
Inverted Terminal Repeat	General
Interactive Text Response	General
In The Raw	General
Indiana Theory Review	General
Individually Tailored Relevant	General
Intelligent Tracking and Recognition	General
Icy Tower Replay	General
In The Rooms	General
Intake Transfer and Release	General
Initial Technical Review	General
Information Transfer Rate	General
Ignition Timing Retard	General
Internationale Tourenwagen Rennen	General
Internationales Trabant Register	General
Internationale Traditions Rallye	General
Internal Technical Report	General
Intuitive Throttle Response	General
Integra Type R	General
In The Rain	General
Imposto Territorial Rural	General
Irrevocable Trust Receipt	General
Information Tickets and Reservations	General
Image Tools Resource	General
Information Transformation Rate	General
Invisible Thread Real	General
Trends Report	General
ITinerary Receipt	Governmental
Integrated Test Range	Governmental
Intelligent Traffic Regulations	Governmental
Insane Trail Riders	Governmental
Income Tax Return	Income Tax
ITWARI	Indian Railway Station
International Thermal Research	International
International Travel Registry	International
International Tax Review	International
It Turned Real	Internet
Inferior Turbinate Reduction (sinus surgical procedure)	Medical
Interim Therapeutic Restorations	Medical
Intensive Training Regiment	Military and Defence
Infantry Training Regiment	Military and Defence
Improved Terrain Representative	Military and Defence
Information Technology Research	Technology
Information Technology and Research	Technology
International Telecommunication Regulations	Telecommunication
Internet Telephone Router	Telecommunication