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Income Tax

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  • Income Tax is charged by various Governments on the Net Income of a person.
  • Income Tax is a personal tax. Tax payers could be individuals, association of persons, firm, society, trust, club, company etc.
  • Equity and Income Tax are strangers. The Presumption is that the Parliament has granted precisely that tax to the Revenue which it has described and no more. It is the burden on the Revenue to bring a specific subject under the ambit of Tax.
  • Income tax is charged on the net taxable income depending on the assessee's tax slab. Some times, an Advance Tax is payable too.
  • Income Tax in India is charged based on the provisions of Income-Tax Act, 1961.

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