Difference Between Income tax and income tax return
Difference between income tax and ITR, income tax is a form of taxation impose by the government on the earnings of individuals, businesses, and other entities within a given financial year.
It operates under a progressive tax system, where the tax rate rises as the income level increases.
The primary objective of income taxation is to generate revenue for the government, enabling them to finance various social welfare programs and infrastructure development initiatives.
On the other hand, an ITR refers to a formal document submitted by individuals, businesses, or other entities to disclose their earned income and the corresponding taxes paid to the government during a specific financial year.
It serves as a declaration of income and taxes paid, allowing the government to determine the amount of tax owed or eligible for a refund.
In summary, income taxation is the tax impose on income, whereas an ITR is a file document use to report income and taxes paid to the government.
To visit https://www.gst.gov.in/
