Income Tax In India, IT Return Or ITR File

"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

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What We Do to file Return as per Income Tax In India-

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