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Income Tax – Know More

2017-08-10 15:30:25 | Legal Services
Income Tax
Income tax is a direct tax imposed by the government and is mandatory to be paid by every earning individual. Therefore it is safe to say that every earning human being is entitled to file this tax and hence, help the government to raise funds and let them serve general public including all the earning individuals in return. One can easily imagine the importance of Income Tax seeing that every earning individual is entitled to it. It is, therefore, necessary to understand the concept of Income Tax. It is one of the main sources of revenue for the government. All these terms and rules are based on Income Tax Act, 1961 and Income Tax rules, 1962 and is managed by Ministry of Finance and CBDT (Central Board Of Direct Taxes). Discussed below in detail is what is Income Tax and how deeply you are affected by it.
As already stated, Income Tax has to be given by every earning individual but the tax that has to be given varies on your income. It basically depends on your Annual income. The assessment year starts from April first to which you are entitled to give tax of the previous year. Let’s say for an example if previous year is First of April 2015 to Thirty-First of March 2016, then the assessment year will be the year in which you will submit your tax for the previous year and it will start from First of April 2016, technically speak.
Taxes are generally collected by the government in these ways;
Voluntary payment by taxpayers like an advance tax.
Taxes Deducted at Source (TDS). The tax which is deducted from your monthly salary.
Taxes Collected at Source (TCS).
The rate at which you have to pay the tax is different, it not only depends on your income but also on your age and gender and is generalized below;
For a male below 60 years;
(Total Income=I)
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