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Income Tax Rates – AY 2021-22 (FY 2020-21)

In India, Income Tax (IT) is levied on the income of a taxable person based on pre-decided tax rates. Under the Income Tax Act, the word “Person’ can mean: Individual Hindu Undivided Family (HUF) Company Firm Association of Persons (AOP)/Body of Individuals (BOI) Local authority Every artificial juridical person not mentioned above. The rate of … Read moreIncome Tax Rates – AY 2021-22 (FY 2020-21)

Income Tax Rates – AY 2020-21 (FY 2019-20)

Income Tax is a direct tax charged on the income of an assessee. Different classes of taxpayers are taxed differently under the Indian Income Tax laws. In the case of individuals, the taxable income of the assessee is grouped into income blocks, commonly known as slabs. The tax rates are decided based on the income … Read moreIncome Tax Rates – AY 2020-21 (FY 2019-20)

Income Tax: Types, Slab Rates and Heads

Income Tax is a type of tax that you directly pay to the government depending upon the income or profit you have earned during a financial year. The government further utilizes the received income tax amount in maintaining and developing the country’s infrastructure such as schools, hospitals etc. Content Index Types of Taxes Definition of … Read moreIncome Tax: Types, Slab Rates and Heads