Income tax is tax which is applied on the profits earned during the year. Companies required to deposit income tax quarterly based on the forecasted profit during the year which is know as advance tax. Income tax returns are required to be filled by individuals as well other business houses who are making profits. Individuals who are salary classed are required to file income tax returns by July 31 whereas proprietorship, partnership firms, LLP, companies are required to file income tax returns by September 30 each year.
Income tax needs to be computed