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. Tax Deducted at Source (TDS) is means through which the government generates steady revenues by levying taxes at sources such as salary or other payments. Additionally, Income Tax is to be paid by every Individual, HUF, AOP, BOI, Firms, and Companies.
Sandbox's ITR APIs allow Banks, Lending platforms, NBFCs, Neo-banks, etc to download Income Tax Returns filed by individuals and companies to verify the financial information of the client in order to make better business decisions.