Income
Indian Tax law has defined various sources of income under the Income Tax Act, 1961. Incomes like Salary, Rental Income, Consultancy, Bank Interest & Other Incomes are Taxable in the hands of individual
Taxes
Taxes form major cuts from the wallet of individual tax payers. In India average tax rates range between 15 to 30 %. Taxes deducted are used back for internal security of our country, Infrastructure growth & development, Various Social schemes in the country. Taxes are collected for better civilized society.
Reports
Reporting of Incomes earned and Taxes paid & deducted is mandated by Exchequer. It is the duty of every individual to report their Incomes & Taxes (ITR) to the Income Tax department on yearly basis.
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