Income Tax Basics: Income Tax in India
Posted by finacbooks on March 6th, 2020
Income Tax Basics
Everyone who earns or gets an income in India is subject to income even if you are resident or a non-resident Indian. Your income either from Salary, Pension or from a savings account also accumulates a 4% interest. Even if you are winners of ‘Kaun Banega Crorepati’ have to pay tax on their prize money. For simpler classification, the Income Tax Department breaks down income into five heads and that are –
Taxpayers in India
These are the taxpayers in India for the purpose of income tax -
Income Tax in India
Taxes in India can be categorized as direct and indirect taxes.
1) Direct Tax - Direct Taxes are broadly classified as Income Tax and Corporation.
2) Indirect Tax – Indirect taxes take many forms and these are - service tax on restaurant bills and movie tickets, value-added tax or VAT on goods such as clothes and electronics. Goods and services tax, which has recently been introduced is a unified tax that has replaced all the indirect taxes that business owners have to deal with.
Why Choose FinacBooks?
In case you need assistance with the Income Tax Return, you can arrange a call from FinacBooks business advisors or call us at 8800221252. We also offer comprehensive solutions on Company registration, MSME Registration, FSSAI Registration, GST Registration, Business Accounting and Bookkeeping in all over India.Also See: Income Tax, Indirect Taxes, Undivided Family, Tax Basics, Tax, India, Income
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