Income Tax is paid by?

Calculation of Income Tax?

The net taxable income is considered to calculate the tax liability of the individual or entity based on the income slabs provided by the Income-tax Department for the current financial year. The amount of tax paid depends on the money earned by the individual in that particular financial year. Income Tax for the financial year 2023-24 applies to all residents residing in the country whose annual income exceeds Rs. 2.5 lakh p.a. Income Tax payment, TDS/TCS payment, and Non-TDS/TCS payments can be done to file income tax online....

Income Tax is paid by?

Any individual whose gross total income is over Rs.2,50,000 in a financial year should compulsorily file Income Tax Return (ITR). For senior citizens, the limit is Rs.3,00,000, and for super senior citizens, it is Rs.5,00,000. These are required to pay taxes and file their income tax returns:...

Types of Income Based on Income Tax Criteria

Every type of income that is earned by any individual or firm residing in India is taxable if it comes under the tax slab according to the Income Tax Act 1961. The Revenue Tax Department of India has divided income into 5 different categories:...

Income Tax Slab Rates

The amount of tax one needs to pay depends upon the income tax bracket the person is falling into. Any individual with an annual income of more than ₹3 Lakh in the New Income Tax Regime and ₹2.5 Lakh in the Old Income Tax Regime needs to pay Income tax to the government according to the Income Tax Act....

Income Tax Deduction Section List

Provisions in the Income Tax Act 1961 also provide for various deductions under specified sections. Deductions can be claimed against Investments, Allowances, etc., which can reduce the taxable amount of an individual. Here is the list of various sections mentioned under the Income Tax Act 1961:...