Income Tax Return is filed by any individual having a taxable income under the Income Tax Act, 1961. Any income above 2 lakhs is taxable under Indian law and income tax return is needed to be filed.
Being an Indian, you must be familiar with numerous categories of taxes. Not just Indian families but Indian taxes have their own clan as well.
Everybody wants to earn more and pay less tax on it. It is human nature. But the payment of tax to the Government is important for the betterment of the country.
VAT i.e. Value Added Tax is a tax imposed on the consumers for consumption or use of the products. The basic aim of VAT is to tax the incremental value which is added to the product.
If you are an employer or a self employed person, then the last date of your tax return is 31st July, and if you have to pay the tax for your company.
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