Income Tax Guidance for Salaried Employees | Pagardar Karmchario Mate Income Tax Margdarshan
Income tax refers to the tax levied by the government for the purpose of financing its various operations. Taxes are of two types, direct and indirect. Whereas Income Tax is a direct tax, VAT, service tax, excise and the latest one to subsume all these taxes Goods and Services Tax (GST) are all indirect taxes.
Apart from funding the activities of the government, taxes also act as a fiscal stabiliser that aid in distributing wealth evenly among the population. Furthermore, taxes are instrumental in cushioning the effects of economic cycles. The payment of Income Tax in India is made according to the provisions made under the Income Tax Act.
According to the Indian Income Tax laws, income from the following sources is deemed taxable:
2.Income from house property
3.Profits and gains of business or profession
5.Income from other sources
The sum of income from all the sources above is calculated according to the provisions of Income Tax Act. The tax rates in India vary according to the earnings of an individual and are referred to as Income Tax slabs. These Income Tax rates are revised every year during the budget.
Income tax is calculated on an annual basis. It is levied on the income earned in the previous year which is also known as the Assessment Year. In the eyes of the law, the Financial Year begins on the 1st of April in a given year and ends on the 31st of March of the following year.
For the Financial Year 2016-17, the Income Tax deadlines are as follows:-
31st July – Last Date of Return filling for non-audit cases
30th September – Last Date of Return filling for audit cases
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Tag : Income Tax Guidance