The Income tax govt of India has introduced this method of taxation in order to stabilize the economy of our country. The money that is collected by way of taxes is spends on the welfare of the country and its citizens. The Income tax govt of India have taking out different types of taxes. The income tax rates India are of three types. They are progressive, proportional and regressive. The Income tax govt of India levy the taxes on an individual only after taking in to account their personal income. The tax that is levied on the personal income of an individual by the Income tax govt of India is known as the income tax. Before paying the income tax one has to file the income tax return India to the Income tax govt of India. In this way they can come to know the amount of tax that they have to pay to the Income tax India gov.
There have been a lot of fraudulent practices in order to fool the Income tax India gov. The people of this country do not reveal their exact income to the government and in this way they pay fewer taxes or no taxes at all. In order to stop this Income tax India gov introduced the system of income tax return India and TDS system. The different types of taxes that are levied by the Income tax India gov are the capital gain taxes, personal taxes, corporate taxes, inheritance taxes, payroll taxes etc. The Income tax India gov has devised different types of income tax rates India and the person is taxed according to their wealth and assets.
There is also an advance tax that is paid by a person in advance. It is also called prepaid tax. In case of advance tax the person has to file the income tax return India. In the progressive income tax rates India the rate of taxes increases at every level and in case of regressive income tax rates India the tax levied is fixed. The tax levied on the income of the business is known as the business tax and the income tax rates India for business differs from an individual. The income tax return India has been set up in order to control the various taxing activities of the country. It is important to file the income tax return India for proper tax calculation.