It is Direct Tax which governments impose on financial income generated by all entities within their jurisdiction in every financial year. By law, businesses and individuals must file an income tax return every year to determine whether they owe any taxes or are eligible for a tax refund. Income tax is a key source of funds that the government uses to fund its activities and serve the public.<\/p>\n

Most countries employ a progressive income tax system in which higher income earners pay a higher tax rate compared to their lower earning counterparts.<\/p>\n

In India, there is also prevailing a progressive income tax system. Where lower tax charge from lower income group & higher tax charge from higher income group.<\/p>\n

Head of Income<\/strong><\/h2>\n

\n
• Income from Salaries<\/li>\n
• Income from House Property<\/li>\n
• Income from Capital Gain<\/li>\n
• Income from Business or Profession<\/li>\n
• Income from Other Sources<\/li>\n<\/ul>\n

  Due Date of filing of Income Tax Return (ITR)- U\/S 139(1)<\/strong><\/h2>\n

  \n
  1. All Non-Corporate Assessee not required to get Tax Audit Report U\/S 44AB – 31st July<\/strong><\/li>\n
  2. All Non-Corporate Assessee required to get Tax Audit Report U\/S 44AB & Companies – 30th September<\/strong><\/li>\n<\/ol>\n

     Advance Tax Payment Rule (If Tax Liability is more than 10000 in a year)<\/strong><\/h2>\n

     For Corporate Assessee<\/strong><\/p>\n

     \n
     • 15% on or before 15th June<\/li>\n
     • 45% on or before 15th September<\/li>\n
     • 75% on or before 15th December<\/li>\n
     • 100% on or before 15th March<\/li>\n<\/ul>\n

       For Non-Corporate Assessee<\/strong><\/p>\n

       \n
       • 30% on or before 15th September<\/li>\n
       • 60% on or before 15th December<\/li>\n
       • 100% on or before 15th March<\/li>\n<\/ul>\n

         Interest – Late filing of ITR or Late deposit of tax<\/strong><\/h2>\n

         \n
         • U\/S-234A – Delay or default in filing of return of income U\/S 139(1) or U\/S 142(1)<\/li>\n
         • U\/s 234-B – Default in payment of advance tax (If Tax is not paid 90% of total tax liability)<\/li>\n
         • U\/s 234-C – Deferment of advance tax<\/li>\n
         • Simple interest @ 1 % per month or part thereof up to date of payment<\/li>\n
         • Simple interest @ 1 % per month or part thereof up to date of payment<\/li>\n
         • Simple interest @ 1 % per month as per shortfall of tax liability as per slab rate for Corporate & Non-Corporate Assessee<\/li>\n<\/ul>\n\n\n\n\n\n\n

           Income Tax Rate \n(A.Y. 2015-16) \n(F.Y. 2014-15)<\/strong><\/td>\n	Resident Individual or HUF\/NRI\/AOP\/BOI\/AJP \nIncome Tax Slab A.Y 2015-16 & F.Y. 2014-15 (Kindly click for download<\/a><\/strong><\/span>)<\/td>\n<\/tr>\n
           Others (Co-Operative Society, Firm, Corporate) \nIncome Tax Slab A.Y. 2015-16 & F.Y. 2014-15 (Kindly click for download<\/a><\/span><\/strong>)<\/td>\n<\/tr>\n
           Income Tax Rate \n(A.Y. 2016-17) \n(F.Y. 2015-16)<\/strong><\/td>\n	Resident Individual or HUF\/NRI\/AOP\/BOI\/AJP \nIncome Tax Slab-A.Y 2016-17 & F.Y.2015-16 (Kindly click for download<\/a><\/span><\/strong>)<\/td>\n<\/tr>\n
           Others (Co-Operative Society, Firm, Corporate) \nIncome Tax Slab-A.Y 2016-17 & F.Y.2015-16 (Kindly click for download<\/a><\/span><\/strong>)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":" It is Direct Tax which governments impose on financial income generated by all entities within their jurisdiction in every financial year. By law, businesses and individuals must file an income tax return every year to determine whether they owe any Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"ngg_post_thumbnail":0,"footnotes":""},"class_list":["post-105","page","type-page","status-publish","hentry"],"yoast_head":"\n