Income Tax Return is the form in which assessee files information about his/her Income and tax thereon to Income Tax Department. Various forms are ITR 1, ITR 2, ITR 3, ITR 4, ITR 5, ITR 6 and ITR 7. When you file a belated return, you are not allowed to carry forward certain losses..
For professionals and others, who don't get regular salary, Income Tax Returns (ITRs) are used as income proof for various purposes. Instead of ITR-V, the Income Tax Return Acknowledgement may only be used henceforth as a proof of filing the return of income.