Income Tax Return Forms

 Go

The government of India imposes an income tax on taxable income of individuals, Hindu Undivided Families (HUFs), companies, firms, co-operative societies and trusts (identified as body of individuals and association of persons) and any other artificial person. Levy of tax is separate on each of the persons. The levy is governed by the Indian Income Tax Act, 1961. The Indian Income Tax Department is governed by the Central Board for Direct Taxes(CBDT) and is part of the Department of Revenue under the Ministry of Finance Govt. of India. Income tax is a key source of funds that the government uses to fund its activities and serve the public. There are close to 35 million income tax payers in India. 

Everyone whose income exceeds the ;maximum amount, which is not chargeable to the income tax, is an assesse, and shall be chargeable to the income tax at the rate or rates prescribed under the finance act for the relevant assessment year, shall be determined on basis of his residential status.

Income tax is a tax payable, at the rate enacted by the Union Budget (Finance Act) for every Assessment Year, on the Total Income earned in the Previous Year by every Person. 

The changeability is based on nature of income, i.e., whether it is revenue or capital. The rates of taxation of income are-: 

Income Tax Rates/Slabs Rate (%) (as per budget 2012)

  • Up to 2,00,000 = 0%,

  • 2,00,001 – 5,00,000 = 10%,

  • 5,00,001 – 10,00,000 = 20%,

  • 10,00,001 upwards = 30%,

  • Up to 2,50,000 (for resident individual of 60 years or above)= 0

  • Up to 5,00,000 (for very senior citizen of 80 years or above)= 0

  • Education cess is applicable @ 3 per cent on income tax, surcharge = NA


 

News & Events

PD PORTAL Current Updates
Aug 23, 2013

Indian companies that went on a massive acquisition drive abroad in the recent years will now have to pay more ...

Aug 12, 2013

The finance ministry is set to unveil a slew of measures it could take over the next few months to boost capital flows ...

Aug 8, 2013

On a day when two high-powered committees met at the Reserve Bank of India (RBI) headquarters in Mumbai, the rupee fell , ...

Aug 7, 2013

The World Bank has given final approval of a $340 million financing package for a crucial hydroelectric power plant in Africa's...

Jul 27, 2013

France's Vivendi said on Friday that it planned to sell 85 percent of its stake in Activision Blizzard Inc to the video games ...