News Desk: As the earning increases, it also comes under the ambit of income tax. Once the income becomes taxable, it becomes necessary to pay tax on it. Income tax is collected by the government. Income tax slab has also been made for depositing tax on income, according to which the government collects tax. However, many people are reluctant to pay tax despite having taxable income. Due to which they may have to face legal action later.
Income tax is a direct tax levied by the government on the annual income earned by individuals and organizations. It is calculated on the net taxable income of an individual or entity for the financial year, which begins on 1st April of the year and ends on 31st March of the next calendar year.
Under the existing rules of the IT Act, any person/business having income is liable to file income tax return. However, currently income tax is payable only if the net taxable income for a financial year exceeds Rs 2.5 lakh. Here we are going to tell you about those individuals and organizations who are liable to pay tax, provided their net taxable income exceeds the prescribed limit.
self employed professional
Hindu Undivided Family (HUF)
Association of Persons AOP
Companies and Corporate Firms
(legally recognized artificial person)
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