Taxes are a source of income for government and this, for various productive purposes, such as infrastructure development, health care, education, subsistence farming.
Apart from this, there is another social system in which money is spent. Direct tax on income is called direct tax.
Different Types of Income Tax
There are different types of taxpayers in India and to define them they are divided into different categories and those-
Individuals, Individual Body, Individual Hindu Family
Companies as well
In this case People are widely divided into residents and non-residents according to the tax imposition clause.
Apart from this all non-residents, have to pay taxes based on the income they earn in India. India’s Best income tax services will also empower people with various benefits in terms of access to credit.
Head of Benefit
Revenue from Other Sources
Revenue from Real Estate
Revenue from Capital Gains
Revenue from Business and Profession
Revenue from Salary
Taxpayers and Income
There are various tax records that are maintained in all categories of people. Firms and companies have a fixed tax rate for those taxpayers, HUF, AOP and BOI to pay based on their income. After this you follow all the rules of tax services in India you will be able to take any of your plans regarding loans and insurance can be done without difficulty.
People’s income is divided into blocks called tax slabs.
Up to Rs.2,50,000
Between Rs 2.5 lakhs and Rs 5 lakhs
5% of your tax-free income
Between Rs 5 lakhs and Rs 10 lakhs
Rs 12,500+ 20% of revenue in excess of Rs 5 lakhs
More than 10 lakhs
Rs 1,12,500+ 30% of revenue in excess of Rs 10 lakhs
Income Tax Services in India are overcharging individuals and companies by the federal government. Taxes collected are used in various places to provide relief and to contribute to the country’s wealth.
All responsible citizens must follow all the rules and regulations so that you can move on with your life easier and smoother. Best Income tax services in india are one of those and we all