Income Tax is a tax on income collected by the government to fund infrastructure development, pay salaries, etc. Income Tax is a direct tax like capital gains tax and securities transaction tax etc. which is to be paid by every Individual, HUF, AOP, BOI, Firms, and Companies.
A taxpayer may want to file his income tax return for reporting his income for a financial year, carrying forward losses, claiming an income tax refund etc. An income tax return is a form which enables a taxpayer to declare his income, expenses, tax deductions, investments, taxes etc. The Income Tax Act, 1961 makes it mandatory under various scenarios for a taxpayer to file an income tax return. The Income Tax Department provides the facility for electronic filing (e-filing) of an income tax return. Sandbox's Income Tax APIs will help you to create, update and delete tax payer, upload form 16 entity to read incomes, deductions, etc and prepare your income tax return.