Any person or business that owes taxes to the federal, state, or local governments is referred to as a taxpayer. Taxes on both individuals and businesses are the main source of funding for governments.
Based on their worldwide income, Americans are subject to income taxation by the United States government. For tax reasons, the following are regarded as U.S. persons: a citizen who was born in the country or abroad with at least one American parent. a citizen by naturalization
Taxpayers can be broadly divided into two groups: individuals and corporations. Individuals - Taxpayers who must pay taxes on their income fall under this category. Corporations: These taxpayers are required to pay tax on the profits they made from their business operations the previous year.
very person is required to pay income tax. The definition of "person" in section 2(3) of the Income Tax Act includes both natural and artificial persons.
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