Posts
Direct Tax is one of the main sources of government revenue. Income tax forms a major component of direct tax. Salaried individuals, firms, HUFs, co-operative societies, domestic companies, foreign companies, pay income tax. Income tax department functioning under the Ministry of Finance, Government of India, is incharge of collecting, monitoring and ensuring tax compliance of various entities.
Income tax is calculated on the basis of income earned for the financial year (i.e from April to March) from all sources. Income Tax is based on the the Income Tax act 1961 and modifications issued from time to time. Tax rebate and exemptions are given under various sections of income tax act.
Common man often cannot comprehend the various provisions of the Act, hence there are a lot of apprehensions about how to calculate income tax in the minds of public. To solve this problem, the income tax department has published an online tax calculator at http://law.incometaxindia.gov.in/DIT/Xtras/taxcalc.aspx It is a very simple tool which any layman can use. All you will need is 3 inputs:-
1) The assessment year
2) Type of assessee
3) Your total income for the financial year.
(click on the image to enlarge)
If you feed these inputs, your income tax is calculated instantaneously.
RELATED POSTS:
Reserve Bank of India - Some Rules
COMICS FROM RBI
SBI CARD ONLINE PAYMENT
Direct Tax is one of the main sources of government revenue. Income tax forms a major component of direct tax. preventivo commercialista milano
ReplyDelete