What is Income Tax Return?
Income Tax is levied by the Income Tax Department of India, a government institution. The IT department charges two kinds of taxes on income – Direct Tax and Indirect Tax. In the case of direct taxes, entities need to directly pay their income tax returns to the IT Department; while in the case of Indirect Taxes, an entity collates the tax on behalf of another and pays it to the IT Department.
The direct taxation system is prevalent across the entire nation and is applicable to every earning entity – individuals, Hindu Undivided Family (HUFs), Body of Individuals (BOI), Association of Persons (AOP), firms, companies, businesses. These entities need to file their taxable income to the IT Department at the end of each Assessment Year through the Income Tax Return Form.
However, income tax for individuals, HUFs, AOPs, BOIs, firms and corporate bodies vary. Along the same lines, Indian citizen’s and foreigners’ incomes are also taxed differently. Indian citizens are required to include the entire corpus of their income from India as well as overseas during tax filing; whereas, foreigners are taxed only on their income originating from India.
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