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Income Tax In India, IT Return Or ITR File

Income Tax File In India, IT Return, ITR Filing in India

"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-

  1. Income From Salaries Or Pension
  2. Income From House Property
  3. Income From Profits and Gains From Business or Profession
  4. Income From Capital Gains
  5. Income From Other Sources (Any Income Not Covered undery any above head)


Taxpayers according to income Tax In India Can be-

  1. Individuals, Hindu Undivided Family (HUF), Association of Persons(AOP) and Body of Individuals (BOI)
  2. Firms
  3. Companies


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-


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Frequently Asked Questions (FAQ's)

What is meant by income tax?

 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. 

What is income tax in simple words?

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.  

Who is eligible for income 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 

What are 3 types of taxes?

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. 

How is income tax paid?

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.