Taxes are the government’s way of earning an income which can then be used for various projects that the government needs to indulge in to help boost the country’s economy or its people. Taxes in India are decided on by the central and state governments with local governments, such as municipalities, also deciding on smaller taxes that can be levied within their jurisdiction.
Equity Linked Saving Schemes (ELSS) provide a good avenue for capital appreciation and tax benefit under section 80C of the Income-Tax Act, 1961.
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A tax that governments impose on financial income generated by all entities within their jurisdiction. By law, businesses and individuals must file an income tax return every year to determine whether they owe any taxes or are eligible for a tax refund.
The Income Tax Department is the biggest revenue mobilizer for the Government. Income tax is a key source of funds that the government uses to fund its activities and serve the public.
The government of India imposes an Income tax on taxable Income of all persons including individuals, Hindu Undivided Families (HUFs), companies, firms, association of persons, body of individuals, local authority and any other artificial judicial person.
Many jurisdictions tax the Income of individuals and business entities, including corporations. Generally the tax is imposed on net profits from business, net gains, and other Income.
The Indian Annual Tax Calculator is updated for the 2016 / 2017 assessment year. You can calculate your Annual take home pay based of your Annual gross income, Education Tax, NIS and income tax for 2016 / 2017. Use the simple annual tax calculator or switch to the advanced annual tax calculator to review NIS payments and income tax deductions for 2016.
An Indian Citizen who stays abroad for employment/ carrying on business or vacation outside India or stays abroad under circumstances indicating an intention for an uncertain duration of stay abroad is a non-resident.
Liability to pay tax in India does not depend on the nationality or domicile of the Tax payer but on his residential status. Residential Status is determined on the basis of physical presence i.e. the number of days of stay in India in any year.
Every person having taxable income and whose accounts are not liable to audit must file an Income Tax Return. If total income exceeds Rs. 5 lakh, it is mandatory to file the return online.