Income Tax Return is an official submission of documents that every Taxpayer is required to file in accordance to their income amounts, deductions and other related information pertaining to their Tax liability. It is a way to inform the Internal Revenue Service or State Tax Authority about one’s income, profit, losses or deductions from one’s business. It is an explicit way of declaring one’s Total Income. This declaration should be made end of each Financial Year.
The details of income can be derived from salary, wage, commission, bank interest, share dividends, rents or any sort of part-time income received. The detailed provisions regarding income have been prescribed via FORM as notified with time by the Income Tax DepartmentThe details of income can be derived from salary, wage, commission, bank interest, share dividends, rents or any sort of part-time income received. The detailed provisions regarding income have been prescribed via FORM as notified with time by the Income Tax Department.