Tax Return

Tax return is a formal document filed with the government that provides a comprehensive overview of an individual's or entity's financial activities within a specific tax year.It serves as a critical tool for determining tax liability, calculating tax refunds, and fulfilling legal obligations.It involves reporting income from various sources, such as wages, salaries, investments, and business activities.Filing a tax return is a legal requirement for individuals and businesses that meet certain income thresholds.Failure to file can result in penalties and interest charges.