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Income Tax

Income tax in India is governed by the provisions of Income Tax Act, 1961, rules and regulations made there under and circulars as well notifications issued from time to time.It is a direct tax levied on annual income of every person. Financial year as starting from 1st April and ending on 31st March of next calendar year is consider from computing income tax in India.

The financial year period in which income is earned is called previous year and income earned during the previous year is charged in the next financial year known as assessment year.At present, we are in previous year 2018-19 and income earned during 1st April 2018 till 31st March 2019 will be charged to tax in the year 2019-20 which is the assessment year for previous year 2018-19.

In India income tax is applicable on every person whether natural or artificial. Person includes individual, Firms, LLPs, Companies, Hindu Undivided Family (HUF), Association of Persons (AoPs), Body of Individuals (BoIs), local authority, institutions or any other persons.

Residential status is an important criterion to determine income tax in India. A resident person is required to pay income tax on global income i.e. income earned anywhere in the world, though it gets some relief due to double tax avoidance agreement as signed and in effect. Even NRIs are required to pay tax on income, if it accrues or arises or deemed to be accrue or arises in India.

Broadly, income is charged under five heads, namely:

  • Salary
  • House Property
  • Business or Profession
  • Capital Gain
  • Other Sources

Income Tax Return

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Income Tax Notices

Reply to Income Tax Notices online by opting for e-assessment.

Income Tax for NRIs

NRIs can file ITR online in India and claim their refund.

TDS

Submit quarterly return of TDS and generate TDS certificate on time.

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FAQs

What is income tax ?

Income tax is levied on the income of the individual as per the provisions of the income tax Act, 1961 by the government of india. It is levied on the income earned during the financial year.

What is the term means previous year and assessment year ?

Previous year is the year in which the income is earned and chargeable in the assessment year as per the law. Previous year is financial year. For instance, the income earned in the year of 2018-19 which is previous year and in 2019-20 it will be payable which is assessment year.

How income tax is calculated ?

Taxable income is calculated as per income tax act, 1961. For calculation, the slab rate is applied in the income which is earned during the previous year. Slab rate is changed every year.

what are different types of taxes ?
There are two types of taxes :

  • Direct tax: The tax which is directly levied or paid to the government is direct tax. For example, income tax.
  • Indirect tax: the tax which is levied or paid to the government indirectly which means it can be shifted from one taxpayer to another taxpayer. For example, excise duty.
What are the main heads under income tax act ?

There are 5 heads under income tax act:

  • Income from salary
  • Income from house property
  • Income from profit and gain of profession or business
  • Income from capital gain
  • Income from other sources
Is agriculture income is taxable ?

No, agricultural income is not taxable. It is not considered as an individual total income. Agriculture income is exempt income.