Category: Tax

434 ViewsIncome tax is charged on income earned by an individual, partnership firm, corporates, and limited liability partnership (LLP) according to the Income Tax Act. In the scenario of an individual i.e., you, tax is charged according to your income tax slab if your income is over a minimum threshold limit (this is addressed by the term “basic exemption limit”). What is an income tax slab? Income tax is the charge on you as an individual taxpayer based on your income slab. A slab system is where distinct tax rates…

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581 ViewsIncome tax returns need to be filed on or before the specified due date for the year. The returns should include information about your income earned during the concerned year and the tax applicable. You can use an income tax calculator to find out your taxable income. The Income Tax department has notified seven types of ITR whose applicability depends on the sources of income of the taxpayer, the amount of income earned, and the category of the taxpayer. Who Needs to File ITR? Filing income tax returns is a…

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