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Why Trademark Registration Matters for Food and Beverage Businesses Income tax is a tax charged on the annual income of an individual or a business earned in a financial year. The income tax in India is govern by the income tax Act 1961, which lays out the rules and regulation for income tax calculation, assessment and collection. All income tax payers are mandated to submit an Income tax return (ITR) every year by respective dates as per the law to report their income and claim a tax refund if applicable for Tax Return can be filed online or offline on the income tax department official website or through verified third party websites. The Indian Income Tax system also includes various deductions and exemptions that can be used to lower the tax liability for a given financial year. Income Tax Act:
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