Income tax in the United States including limited liability companies (LLCs), may elect to be treated as a corporation or as a partnership. Distributions from partnerships are not taxed as dividends. Corporate tax is imposed in the U.S. at the federal, most state, and some local levels on the income of entities treated for tax purposes as corporations. Shareholders of a corporation wholly owned by U.S. citizens and resident individuals may elect for the corporation to be taxed similarly to partnerships. Corporate income tax is based on taxable income, which is defined similarly to individual taxable income. Shareholders (including other corporations) of corporations (other than S
Income tax return (India) u/s 234F shall be levied if return is filed after the due date by any assessee. " As per the new law from this year, Individuals will have to pay late fee after last date to file income tax return But, there is relief to small taxpayer, IT Department has stated if your total income does not exceeds 500,000 , then maximum penalty of Rs 1000 will be levied on delay of ITR filing. ITR-1 govind form is an essential x form|Income Tax Return form]] for Indian citizens filing their tax returns with the Income Tax Department. This form is