Service Details
Income Tax Filing
Income Tax – This is taxes an individual or a Hindu Undivided Family or any taxpayer other than companies, pay on the income received. The law prescribes the rate at which such income should be taxed.
Everyone who earns or gets an income in India is subject to income tax. (Yes, be it a resident or a non-resident of India ). Also read our article on Income Tax for NRIs. Your income could be salary, pension or could be from a savings account that’s quietly accumulating a 4% interest. Even, winners of ‘Kaun Banega Crorepati’ have to pay tax on their prize money. For simpler classification, the Income Tax Department breaks down income into five heads:
| Head of Income | Nature of Income covered |
|---|---|
| Income from Salary | Income from salary and pension are covered under here |
| Income from Other Sources | Income from savings bank account interest, fixed deposits, winning KBC |
| Income from House Property | This is rental income mostly |
| Income from Capital Gains | Income from sale of a capital asset such as mutual funds, shares, house property |
| Income from Business and Profession | This is when you are self-employed, work as a freelancer or contractor, or you run a business. Life insurance agents, chartered accountants, doctors and lawyers who have their own practice, tuition teachers |
ITaxpayers and Income Tax Slabs
Taxpayers in India, for the purpose of income tax includes:
- Individuals, Hindu Undivided Family (HUF), Association of Persons(AOP) and Body of Individuals (BOI)
- Firms
- Companies
Each of these taxpayers is taxed differently under the Indian income tax laws. While firms and Indian companies have a fixed rate of tax of 30% of profits, the individual,HUF, AOP and BOI taxpayers are taxed based on the income slab they fall under. People’s incomes are grouped into blocks called tax brackets or tax slabs. And each tax slab has a different tax rate. In India, we have four tax brackets each with an increasing tax rate.
- Income earners of up to 2.5 lakhs
- Income earners of between 2.5 lakhs and 5 lakhs
- Income earners of between 5 lakhs and 10 lakhs
- Those earning more than Rs 10 lakhs
| Income Range | Tax rate | Tax to be paid |
|---|---|---|
| Up to Rs.2,50,000 | 0 | No tax |
| Between Rs 2.5 lakhs and Rs 5 lakhs | 5% | 5% of your taxable income |
| Between Rs 5 lakhs and Rs 10 lakhs | 20% | Rs 12,500+ 20% of income above Rs 5 lakhs |
| Above 10 lakhs | 30% | Rs 1,12,500+ 30% of income above Rs 10 lakhs |
More Services
- GST REGISTRATION
- GST RETURN
- INCOME TAX FILLING
- INCOME TAX RETURN
- FINANCIAL AUDIT
- TAX AUDIT
- PITCH DECK/ BUSINESS PLAN
- START - UP SERVICES
- ACCOUNTING/ BOOKKEEPING
- PAYROLL SERVICE
- COMPANY COMPLIANCE
- COMPANY REGISTRATION
- INTERNATIONAL COMPANY REGISTRATION
- ISO CERTIFICATION
- IMPORT EXPORT CODE REGISTRATION
- FOOD LICENSE(FSSAI)
- PATENT REGISTRATION
- FINANCIAL CONSULTING
- ESI REGISTRATION
- PROVIDENT FUND REGISTRATION
- DIGITAL SIGNATURE (DSC)
- TRADEMARK REGISTRATION
- DRUG LICENSE
- PAYMENT BANK LICENSE
- COPYRIGHT REGISTRATION
- RERA REGISTRATION
- PWD REGISTRATION
- LEGAL NOTICE
- VENDOR AGREEMENT
- NHAI LICENSE
- RTI FILLING
- WEBSITE/ APP POLICY