{"id":2057,"date":"2022-04-03T07:36:45","date_gmt":"2022-04-03T07:36:45","guid":{"rendered":"http:\/\/finotaxsolutions.in\/?page_id=2057"},"modified":"2022-06-18T14:29:39","modified_gmt":"2022-06-18T14:29:39","slug":"income-tax","status":"publish","type":"page","link":"https:\/\/finotaxsolutions.in\/index.php\/income-tax\/","title":{"rendered":"Income Tax"},"content":{"rendered":"\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t

INCOME TAX<\/u><\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t\t
\n\t\t\t
\n\t\t\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t
Income Tax Filling<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

Taxes in India are of two types Direct tax and Indirect Tax. The tax that is levied directly on the income is called Direct tax. For instance, Income tax is a direct tax and the calculation of the tax is based on the income tax slab rates that are applicable during a given financial year.<\/span><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

\n\t\t\t\t
\n\t\t\t\t\t
Income Subjected To Income Tax India<\/h5>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\t

Everyone who is earning or gets an Income is subjected to pay Income Tax in India. Here is a simpler classification of the income that
breaks the income for further understanding.<\/p>\n

    \n
  • Income from salaries<\/strong>\u00a0and Pensions\u00a0is also taxable under\u00a0the Income-tax law in India.<\/li>\n
  • Income from Business and profession<\/strong>\u00a0which includes the profits earned by self-employed people, businesses, or even freelancers or
    contractors is also subjected to Income tax payment in India. But besides this, the income earned from professionals like the insurance agents, Chartered Accountants, Doctors, and lawyers who are practicing are also included in this head.<\/li>\n
  • Income from Capital Gains<\/strong>\u00a0like the surplus income from\u00a0capital assets like the shares, house property, Mutual funds, etc is also\u00a0taxable.<\/li>\n
  • Income from house property<\/strong>\u00a0is also taxable when a house is rented the income from the rent is also taxable.<\/li>\n
  • Income from other sources<\/strong>\u00a0includes the income from the Bank account interest on savings accounts, lotteries, and fixed deposits<\/li>\n<\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t
    \n\t\t\t
    \n\t\t\t\t\t\t
    \n\t\t\t\t
    \n\t\t\t\t\t