What is Income Tax?
Income tax is a type of tax that governments impose on income generated by businesses and individuals within their jurisdiction. Income tax is used to fund public services, pay government obligations, and provide goods for citizens.
Taxpayers of Income Tax in India
Individual
Hindu Undivided Family(HUF)
Company
Firm
Association of Persons(AOP)
Body of Individuals(BOI)
Local Authority
Artificial Judicial Persons
Income Tax Slabs
Income Tax Slab - Tax Rate for Individual
Up to Rs. 2.5 lakh - Nil
Rs. 2.5 lakh to 5 lakh - 5%
Rs. 5 lakh to 7.5 lakh - 10%
Rs. 7.5 lakh to 10 lakh - 15%
Rs. 10 lakh to 12.5 lakh - 20%
Rs. 12.5 lakh to 15 lakh - 25%
Rs. 15 lakh & above - 30%
Types of ITR forms
"There are 7 types of Income tax return forms in India"
ITR 1 -
Resident Indian individuals and HUFs
ITR 2 - HUFs and individuals
ITR 3 - Partner in a firm, HUF, or individuals
ITR 4 - Firm, HUF, or individual
ITR 5 - LLPs or Partnership Firms
ITR 6 - Companies
ITR 7 - Trusts
Contact Us
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