Income tax is a tax that a Government impose on income generated by businesses and individuals within their jurisdiction. As per Income Tax Act, 1961, the taxpayers must file an income tax return annually to determine their tax obligations. Income taxes are a source of revenue for governments.
Income tax is a direct tax imposed on individuals or entities (taxpayers) that varies with respective income or profits (taxable income), thereby incidence and impact is on the same person. Income tax generally is computed as the product of a percentage of tax rate and taxable income. Taxation rates may vary by type or characteristics of the taxpayer. The rates of tax applicable are provided by the Hon’ble Finance Minister every year in his budget speech. Taxation rates may vary on the basis of type or characteristics of the taxpayer. Following services are available with us