INCOME TAX-RETURN FILING

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Income Tax-Return Filing

A tax return is a form filed with a tax authority that reports income, expenses, and other pertinent tax information. Tax returns allow taxpayers to calculate their tax liability, schedule tax payments, or request refunds for the overpayment of taxes. In most countries, tax returns must be filed annually for an individual or business with reportable income, including wages, interest, dividends, capital gains, or other profits.

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Key Takeaways

  • A tax return is documentation filed with a tax authority that reports income, expenses, and other relevant financial information.
  • On tax returns, taxpayers calculate their tax liability, schedule tax payments, or request refunds for the over-payment of taxes.
  • Tax returns must be filed annually.
  • It is advisable to file the tax returns even the tax liability is nil.