Income Tax
₹4,999
The Constitution of India → Schedule VII → Union List → Entry 82 has given the power to the Central Government to levy a tax on any income other than agricultural income, which is defined in Section 10(1) of the Income Tax Act, 1961.
The Income Tax Law consists of Income Tax Act 1961, Income Tax Rules 1962, Notifications and Circulars issued by Central Board of Direct Taxes (CBDT), Annual Finance Acts and judicial pronouncements by the Supreme Court and High Courts.
Description
Income Tax
Income Tax is a Tax on an Individual or a Hindu Undivided Family or any taxpayer other than companies who are required to pay tax on the income received. The law prescribes the rate at which such income should be taxed.
The Income Tax Law consists of Income Tax Act 1961, Income Tax Rules 1962, Notifications and Circulars issued by Central Board of Direct Taxes (CBDT), Annual Finance Acts and judicial pronouncements by the Supreme Court and High Courts.
Levy of tax on a person depends upon his residential status. The CBDT administers the Income Tax Department, which is a part of the Department of Revenue under the Ministry of Finance, Government of India.
It is mandatory to file return of income for a company and a firm. However, individuals, HUF, AOP, BOI are mandatorily required to file return of income if the income exceeds the basic exemption limit .The Basic Exemption Limit is different for senior citizens and super senior citizens.
TYPES OF ITR RETURNS
| ITR-1 SAHAJ | For individuals being a resident other than not ordinarily resident having Income from Salaries, one house property, other sources (Interest etc.) and having total income up to Rs.50 lakh |
| ITR-2 | For Individuals and HUFs not having income from profits and gains of business or profession |
| ITR-3 | For individuals and HUFs having income from profits and gains of business or profession |
| ITR-4 SUGAM | For Presumptive Income from Business & Profession |
| ITR-5 | For persons other than,-(i) individual, (ii) HUF, (iii) company and (iv) person filing Form ITR-7 |
| ITR-6 | For Companies other than companies claiming exemption under section 11 |
| ITR-7 | For persons including companies required to furnish return under sections 139(4A) or 139(4B) or 139(4C) or 139(4D) or 139(4E) or 139(4F) |
Benefits of Income tax e-filing through Auditing Bazaar
1. Very low price and quality service
2. Get IT refunds early
3. Help you to reduce tax liability
4. Avoid Interest and Penalties
5. Online dashboard for submitting Tax filing documents
6. Helps to project Yearly tax plan
7. Free online consultation
8. Easy Access
9. Support through regional language.
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