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Bookkeeping is one of the most essential routines that is part and parcel of every business. Not only does it help you to keep check of how much money is exactly going into your business and how much is going out, it also helps you to plan better financial strategies so you invest the money in the right way and making sure that your business model is a long sustaining profitable revenue generating machine.

For those of us who have been in a job or a business for a few years are well versed with what an income tax return is and how crucial it is to file your tax returns on time. But for a person who has just stepped into the big bad world of job or a young budding entrepreneur, filing an income tax return can be a bit “taxing”! So let us go back for a bit and try and understand from a layman’s point of view that what exactly is an income tax return.