Income Tax Services In India

Income tax is known as the type of tax that is being charged by the central government on the income earned from the individual.

It is at the time of financial year where a salaried person or the person who is gaining a certain amount as a salary has to pay to the government.

The Income tax services in India hold a lot much importance and also benefits.

Taxes are the source of revenue to the government and this, in turn, is being used for different fruitful activities like developing infrastructure, providing healthcare, education, subsidy to the farmer/ agriculture sector.

Besides this, there is also some other welfare scheme towards which the amount is being spent. The tax which is being directly levied on the income is called a direct tax.

Different Types Of Income Tax

There are different types of taxpayers in India and to define them they have been grouped into different categories and those are-

  • Individuals, Body of individuals, Hindu undivided family
  • Firms and
  • Companies

To this Individuals are broadly classified into resident and non-resident according to which there has been a slab set to pay tax.

Besides this who all are non-resident, they have to pay taxes based on their income earned in India. The Income tax services in India which are being levied on people will also give them to enable different benefits in terms of gaining loans.

 

Income Tax Services In India

Head Of Income

  • Income from Other Sources
  • Income from House Property
  • Income from Capital Gains
  • Income from Business and Profession
  • Income from Salary

Taxpayers And Income Tax Slab

There are different tax slab which is being maintained and to all different categories of people. Firms and companies have a fixed tax rate to those of individuals, HUF, AOP and BOI taxpayers have to pay according to their salary. Hereafter you are following all the rules of Income tax services in india you will be able to take forth of your any plan towards loan and insurance can be done without difficulty.

Every people income is grouped into blocks which are called tax slabs.

Range Of Income

Up to Rs.2,50,000

Tax To Be Paid 

N Tax

Range Of Income

Between Rs 2.5 lakhs and Rs 5 lakhs

Tax To Be Paid 

5% of your taxable income

Range Of Income

Between Rs 5 lakhs and Rs 10 lakhs

Tax To Be Paid 

Rs 12,500+ 20% of income above Rs 5 lakhs

Range Of Income

Above 10 lakhs

Tax To Be Paid 

Rs 1,12,500+ 30% of income above Rs 10 lakhs

The Income-tax services in India are compulsory financial charging on individuals and companies by the state and central government. The tax which is being collected is utilized in different areas to give relaxation and also towards contributing wealth of the country.

Every responsible citizen has to follow all rules and regulations so that you can carry forwards your life easier and smoother. To this Income tax services in india is one of those and we all must obey them to gain further benefits.