Individual Tax Return

Posted in Finance, Accounting and Economics Terms, Total Reads: 445
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Definition: Individual Tax Return

A type of tax return which is filed by individuals as opposed to corporation. An accounting and book keeping document that is an annually declaration of personal income. it is used by the tax authorities to assess the taxation liability for the individual.

All individual whether married or single, DINK, with or without dependents irrespective of such demographic difference will have to file this return. The individuals who earns an income more than a certain specified limit are obligated to file the tax return.

Corporation and individuals use a separate set of tax return forms. The individual tax return is also differentiated from the form filed by partnership, estate tax returns or returns in terms of gifts.

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