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"It was only for the good of his subjects that he collected taxes from them, just as the Sun draws moisture from the Earth to give it back a thousand fold"
--Kalidas in Raghuvansh eulogizing KING DALIP.
The origin of the word "Tax" is from "Taxation" which means an estimate.
Every Person Earnign Income comes under Income Tax In India and must file IT return as per new income tax slabs as notified in Annual Budget by respected Finance Minister of India.
Income Tax in India is a direct tax and one of the major source of revanue to Goverment of India and hence, Everyone who earns or gets an income in India is subject to income tax.
Sources of Income can be any of the below as per Income Tax In India-
Taxpayers according to income Tax In India Can be-
Income Tax Slabs For AY 2021-22
DO YOU NEED TO FILE YOUR RETURN! We are here for You!
What We Do to file Return as per Income Tax In India-
We have Team Of Professionals and Experts to file your income tax returns
ITR Filing Based on Form Types
• ITR 1 • ITR 2 • ITR 3 • ITR 4
ITR Filing Based on Income
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For Income Below 5 lacs or Individuals ITR's
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For Income Above 5 Lacs or Capital Gain/loss
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For Business Income with turnover upto 40 lacs
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Income tax is a type of tax that governments impose on income generated by businesses and individuals within their jurisdiction. Income tax is used to fund public services, pay government obligations, and provide goods for citizens.
Income Tax is a tax you pay directly to the government basis your income or profit. Income tax is collected by the Government of India. Taxes are of two types - direct tax and indirect tax.
Below 60 years of age2,50,000, Between 60 and 80 years of age (Senior citizen)3,00,000, 80 years and above (Super Citizen)5,00,000
The three types of taxes are the proportional tax, the progressive tax, and the regressive tax. A proportional tax imposes the same percentage of taxation on everyone, regardless of income.
Taxes are collected by the government in three ways: Voluntary payment by taxpayers to designated banks, like advance tax and self-assessment tax. TDS or Taxes Deducted at Source are the ones which is deducted from your monthly income, before you receive it. TCS or Taxes Collected.
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