Income Tax
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Income Tax

An Income tax is a tax that is levied on the income of a person, corporate or business. It is a way adopted by the government to check the earnings of a particular person, business or firm. In many cases there are individuals who have huge amount of black money. Black money is the money that has no records in the books of the government. Hence in order to check such miscreants there is Income tax system. Every country has its own Income tax system. In the same manner there is Income tax rules India and the Income tax is levied on every individual, corporate or firm that is the citizen of this country. The taxes may be of different types. The taxes that are levied on the income of the corporate are known as the corporate tax and it is levied on the net income of the corporate.

There are certain Income tax rules India that are to be followed by the central government in order to tax the citizens of India. According to the Income tax rules India, there are mainly two types of taxes. One is the direct tax while other is the indirect tax. The direct taxes are the income tax and the wealth tax that is incurred directly on the net income of an individual. On the other hand the indirect taxes like VAT and the service taxes can be passed on to the third party. As per the Income tax rules India the tax that is collected by the central government is distributed among the states and is spend on the welfare of the country and citizens. According to the Income tax rules India act 1961 every person who is an assessee or whose total income exceeds maximum exemption limit is liable to pay taxes.

The citizens of India pay the taxes in the assessment year on the income that they have earned in the previous year. There is Income tax India TDS that means the tax that is deducted at source. In India the people try to hide their income so that they do not have to pay taxes in order to avoid this the government introduced the Income tax India TDS. In this case the tax is cut from the income received by the assessee. This is known as the tax deducted at source or the Income tax India TDS. The government has adopted this policy of Income tax India TDS in order to broaden its tax bracket. Hence the Income tax India TDS have increased the tax collection of the country.

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