Filing an Income Tax Return (ITR) is a legal obligation for individuals and businesses earning a specified level of income in a financial year. By submitting your ITR, you report your income, deductions, and taxes paid to the government. It ensures compliance with tax laws and allows taxpayers to claim refunds on excess tax paid. Timely filing helps avoid penalties and serves as proof of income, making it easier for financial transactions like loans or visa applications. Additionally, filing returns annually strengthens financial transparency and accountability while contributing to national development through taxation.