Income tax return (ITR) in India is being regulated by the provisions, rules & regulations specified in the Income tax act, 1961. These rules & regulations are for every registered income tax payer in India who possess a valid PAN Card and falls under the Income tax net.
Income tax return (ITR) is formed in which the assesse furnishes the information related to his Income in the previous year to the Income Tax Department. ITR should be filed before the due date; if you fail to do so then you will have to a penalty up to INR 10,000.