Income Tax Return contains information about the annual income of the assessee. It is the document which acts as a proof stating that the assessee has paid all the due income tax. Filing an Income Tax Return means the individual has paid the Income Tax that is computed on its earnings. Payment of Income Tax completes when Income Tax Assessee files an ITR. Charging Income Tax and collection of the same is an important aspect of the Income Tax Department. Income is charged by the Government of India as the revenue generated from the tax collected is the main source of funds for the government for carrying out the development activities throughout the country. Income Tax applies to the income earned by an individual or a body corporate in a specific financial year.
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