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Income Tax Registration

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What Is GST?

Income Tax refers to the tax you pay directly to the government depending on your income or profit (for companies/local authorities). The money collected by this direct tax route is used by the Government for infrastructural developments and, also, to pay the employees of central and state government bodies.

Taxes levied by the Government are of two types- Direct taxes and Indirect taxes. Indirect taxes are those that are levied on services and goods. Direct taxes, on the other hand, are levied on profits and income. For example, service tax is what you pay in a restaurant and is an indirect tax, whereas Income Tax that is deducted from your salary every month in the form of TDS, is an example of direct tax.

Income Tax Act of India, passed in 1961, governs the provisions for income tax as well as the various deductions that are applicable to it. However, since 1961, the law has been amended several times to take care of inflation and other socio-economic situations.

Who are the Tax Payers?

Any Indian citizen aged below 60 years is liable to pay income tax, if their income exceeds Rs 2.5 lakhs. If the individual is above 60 years of age and earns more than Rs 2.5 lakhs, he/she will have to pay taxes to the Government of India. Additionally, the following entities that generate income are liable to pay direct taxes:

  •    Hindu Undivided Family (HUF)
  •    Body Of Individuals (BOI)
  •    Association of Persons (AOP)
  •    Local Authorities
  •    Corporate firms
  •    Companies
  •    All Artificial Juridical Persons

What are Income Tax Returns?

Every individual, who has a source of income, regular or irregular, is legally required to file their income tax returns. Even if your income is below the taxable bracket, you should file your income tax returns. There are prescribed forms through which the income earned by a person and the income tax paid thereon are informed to the Income Tax Authority. The following table shows different forms prescribed for different classes of taxpayers.

ITR Form 1Any person who receives regular salary or pension or has an income from residential property or other sources.
ITR Form 2This form is for those who are come under the category of Hindu Undivided Families and have income from any sources other than Profits gained from business and profession.
ITR Form 3This form is for the Hindu Undivided Families whose income fall under the head of Profits and Gains of Business or Profession.
ITR Form 4SThis form, also known as SUGAM, is applicable to HUFs(Hindu Undivided Families) and individuals opting for SUGAM taxation scheme as per section 44 AD/ AE
ITR Form 4This form is applicable to Hindu Undivided Families and individuals who are professionals or proprietors
ITR Form 5This form is applicable for LLPs, Firms, BOIs, AOPs, artificial judiciary persons and local authorities.
ITR Form 6This form is applicable to companies that claim no exemptions as per section 11 of the Income tax Act.
ITR Form 7This form is applicable to the persons who are required to file returns as per Sections 139(4A), 139 (4D), 139 (4C), 139(4B)
ITR Form VITR V is provided to acknowledge that the Income Tax return has been filed.

Frequently Asked Question

Income Tax Slabs and Rates FY 2023-24

Income Tax Slabs in India are announced by the finance minister every year. Currently, there are two different Income Tax regimes. Under both the new regime and the old regime, taxpayers can avail tax benefits.

This year, the finance minister Nirmala Sitharaman has announced the Union Budget for 2023 on 1 February 2023. In the latest budget, certain changes to the existing income tax slab has been introduced.

The finance minister announced that under the new tax regime the rebate for income tax has been increased to Rs.7 lakh from the earlier limit of up to Rs.5 lakh. There were certain changes under the tax slab for the new tax regime too. Apart from that surcharge rate on income of Rs.5 crore and above has been decreased from 37% to 25%.

Note: You can now file your taxes through the New income tax portal. The new portal comes with a plethora of features and is designed to ease the tax filing process.

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