The word “Tax” has been originated from “Taxation” which means an estimate. Taxes on income and wealth have been levying in some form or the other sine ancient times on the sale or purchase of merchandise or livestock. But in the primitive days there was no organized way of collecting the tax, it was collected from time to time in a haphazard manner. At present age the collection process of income tax has become much organized and systematic. incometaxhub.com intends to provide you with all the basic information about income tax.
Income tax is payable at the rates prescribed from time to time. Every year the rates of Income tax are fixed by the Finance Act. Finance Bill and Budget are presented together and both are closely related. In fact, taxation is one of the characteristics of Budget.
The Financial Year for Income Tax is always the year ending 31st March. The "assessment year" is next to the Financial Year.
For an individual the Income Tax is paid for his income sources like, salary, house rent, business, profession, interest etc. In case of Hindu Undivided Family the income tax is fixed in respect of income from the joint family corpus. For the partnership farms, the income is calculated after deducting salary and interest payable to partners at prescribed rates.
Get all details regarding income tax levied on the assessee from incometaxhub.com
The income tax payable by an employee is deducted in advance from his/her salary. This advance income tax is calculated on the basis of estimated income of the current financial year. Advance tax is payable only in the cases where income tax payable is more than Rs. 5000. |
