Personal Tax Returns

 

As per the income tax laws, the return must be filed every year by an individual or business that earns any income during a financial year. Personal Tax Returns The income could be in the form of a salary, business profits, income from house property or earned through dividends, capital gains, interests or other sources. Tax returns have to be filed by an individual or a business before a specified date. If a taxpayer fails to abide by the deadline, he or she has to pay a penalty. Income tax is a type of tax that the central government charges on the income earned during a financial year by the individuals and businesses.Taxes are sources of revenue for the government.Government utilizes this revenue for developing infrastructure, providing healthcare,education,subsidy to the farmer/ agriculture sector and in other government welfare schemes. Taxes are mainly of two types,  direct taxes and indirect form of taxes.Tax levied directly on the income earned is called as direct tax,for example Income tax is a direct tax.