Before understanding what is tax , let us understand the term ‘’. Dictionary meaning of the term ‘’ suggests that it is an official inspection of an organisation’s accounts and production of report, typically by an independent body. It is also referred to a systematic review or assessment of something.
There are various kinds of being conducted under different laws such as company /statutory conducted under company law provisions, cost , stock etc.
Similarly, income tax law also mandates an called ‘Tax ’. As the name itself suggests, tax is an examination or review of accounts of any business or profession carried out by taxpayers from an income tax viewpoint. It makes the process of income computation for filing of return of income easier.
Tax is conducted to achieve the following objectives:
All these enable tax authorities in verifying the correctness of income tax returns filed by the taxpayer. Calculation and verification of total income, claim for deductions etc. also becomes easier.
Following categories of taxpayers are required to get tax done:
 
In such cases, the taxpayer need not get his accounts ed again for income tax purposes. It is sufficient if accounts are ed under such other law before the due date of filing the return. The taxpayer can furnish this prescribed report under Income tax law.
Tax or shall furnish his report in a prescribed form which could be either Form 3CA or Form 3CB where:
In case of either of the aforementioned reports, tax or must furnish the prescribed particulars in Form No. 3CD, which forms part of report.
The tax or shall furnish tax report online by using his login details in the capacity of ‘Chartered Accountant’. Taxpayer shall also add CA details in their login portal. Once the tax or uploads the report, same should either be accepted/rejected by taxpayer in their login portal. If rejected for any reason, all the procedures need to be followed again till the report is accepted by the taxpayer.
You must file the tax report on or before the due date of filing the return of income. It is 30 November of the subsequent year in case the taxpayer has entered into an international transaction and 30 September of the subsequent year for other taxpayers.
If any taxpayer who is required to get the tax done but fails to do so, the least of the following may be levied as a penalty: