Income tax in India is a tax you pay to the government based on your income (and profit, in the case of companies). The government uses this tax money for various purposes including public services, infrastructure development, defence spending and subsidies among other options. If you earn income beyond a certain limit, it is mandatory to pay income tax every year
The Income Tax Act is a comprehensive statute that focuses on the different rules and regulations that govern taxation in the country. It provides for levying, administering, collecting and recovering income tax for the Indian government. It was enacted in 1961.
The Income Tax Act contains a total of 23 chapters and 298 sections.The act helps determine a taxpayer’s taxable income, tax liability, appeals, penalties, and prosecution. The government has been making amendments to the act from time to time.
Every year, the Indian government presents a finance budget during the month of February. The budget brings in various amendments to the Income Tax Act. This includes changes in tax slabs wherever applicable
The finance budget brings various amendments in Income-tax Act,1961 including tax slabs rates. The amendments are generally applicable to the next following financial year beginning from 1 April unless otherwise specified. Such amendments become part of the income tax act after the approval of the president of India.
Following are discussed in this course:
4.Income from House property
5.Profits and Gains from Business and Profession
10.Advance Tax ,TDS and TCS