Income Tax

An income tax return is a document filed with the government, typically annually, by individuals and entities to report their income earned and taxes owed or paid. It includes details such as sources of income, deductions, credits, and other relevant financial information required by tax laws. The purpose of filing an income tax return is to calculate the taxpayer’s liability, whether they owe taxes or are entitled to a refund, based on their financial activities throughout the tax year. Failure to file a tax return or inaccuracies in reporting can result in penalties or legal consequences.