What is the difference between income tax and income tax return?
Income Tax: The amount of tax you owe to the government based on your annual income.
Income Tax Return: A form you file with the government to report your income, deductions, and calculate how much tax you owe or any refund due.
Tax Payment vs. Reporting: Income Tax is the actual tax payment, while the Income Tax Return is the process of reporting your income and calculating tax liability.
Filing Requirement: The Income Tax Return must be filed annually, even if no Income Tax is due.
Refund or Due: Filing an Income Tax Return can result in paying more taxes if underpaid or receiving a refund if overpaid through TDS