Filing Status for tax purposes governs the form of return used and may affect the rate at which income is taxed and eligibility for various credits and deductions.
An Income Tax Return (ITR) is a form filed with a tax authority that reports income, expenses, and other relevant financial information. Tax returns are used by individuals and businesses to calculate their tax liability, schedule tax payments, or request refunds for the overpayment of taxes.
A system designed to provide financial assistance to low-income individuals by using the income tax system, ensuring an income level above a predefined minimum through direct subsidies.
A tax year is a period used for calculating annual income tax returns. It is commonly a calendar year but can also be a fiscal year, which is any consecutive 12-month period that does not necessarily start on January 1st.
