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| Income Tax is all income other than agricultural income levied and collected by the central government and shared with the states. According to Income Tax Act 1961, every person, who is an assessee and whose total income exceeds the maximum exemption limit, shall be chargeable to the income tax at the rate or rates prescribed in the finance act. Such income tax shall be paid on the total income of the previous year in the relevant assessment year.
The total income of an individual is determined on the basis of his residential status in India. The rates for different types of income may vary and some may not be taxed at all. Business income may only be taxed if it is significant or based on the manner in which it is paid. Some types of income, such as interest on bank savings, may be considered as personal earnings (similar to wages) or as a realized property gain (similar to selling shares). |
Taxable Heads
Salaries & Wages
Addition in Salary and Advance Salary Allowances Deferred Compensation Income from house property Income from business or professions Capital Gains Income from other sources Pension
Bonus, Fees & Commision Gratuity Annuity -
Profits
Tax Deduction Section 80CCC Section 80DD Section 80DDB Section 80E Section 80U Section 80CCD Section 80D
Tax Rebates Income Tax Donations
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Income Tax
