INCOME TAX
GST REGISTRATION CANCELLATION

Income Tax

Income tax is a tax that is charged by government on the income of individuals and businesses. The tax is a revenue or we can say income for the government. Government uses this tax in developing the educational institutions, hospitals, infrastructure, subsidy to farmers, and many other basic needs.

Taxes are of two types:

  1.       Corporate tax
  2.       Income Tax

Who should pay Income tax?

  1. Individuals
  2. Hindu undivided family
  3. Association of Persons
  4. Body of individuals
  5. Firms
  6. Companies

Types of Incomes:

  • Income from other resources – savings bank accounts, lotteries etc..
  • Income from house property- House rent
  • Income from capital gains- Sale of capital asset
  • Income from profession
  • Income from salary

Documents Required-

  • Form 16 (Taxpayers having salary income)
  •  Bank Statements
  •  Details of Investments (Optional)
  •  Details of Insurance & Loans (Optional)
  •  PAN Copy (Optional)
  •  Aadhaar Copy (Optional)

Penalty for Late Filing

  • Between 1st August and 31st December – Rs.5000
  • After 31st December – Rs.10,000
  • Penalty if taxable income is less than Rs.5 lakhs – Rs.1000
one person company
Professional TAX

Professional TAX basically is an amount of money which is deducted from salary by the state government.

Personal TAX Filing

Personal Income tax is a tax that is charged by government on the income of individuals and businesses.

Business TAX Filing

All businesses Small or big are required to file tax every year. In order to file tax, a business is also  required to file TDS and pay advance tax.

TDS Filing

A TDS stands for Tax deducted at source. TDS is filed by organizations or individuals  who have availed a valid tax collection and deduction number.

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