Income Tax is a tax on income collected by the government to fund infrastructure development, pay salaries, etc. Income Tax is a direct tax like capital gains tax and securities transaction tax etc. which is to be paid by every Individual, HUF, AOP, BOI, Firms, and Companies.
A taxpayer may want to file his income tax return for reporting his income for a financial year, carrying forward losses, claiming an income tax refund, etc. An income tax return is a form that enables a taxpayer to declare his income, expenses, tax deductions, investments, taxes, etc.
The Income Tax Act, 1961 makes it mandatory under various scenarios for a taxpayer to file an income tax return. The Income Tax Department provides the facility for electronic filing (e-filing) of an income tax return.
Updated 3 days ago