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OVER VIEW ON INDIAN INCOME TAX

Income of persons taxed in Indian Income Tax Act. The persons referred in Indian Income Tax are Individuals, Hindu Undivided Family, Association of Persons, Body of Individuals, Local Authority, Company, Partnership Firm and Every Artificial Judicial Person not falling within any of the above. The concept of persons is detailed in upcoming pages.

There are three types of Tax Payers in India. That is resident and ordinarily resident India, resident but not ordinarily resident in India and non-resident. The concept of residence of the persons is detailed in subsequent pages.

There are five sources of income taxed under the Income Tax Act. That is Income from Business or Profession, Income from House Property, Income from Salary, Capital Gains and Income from Other Sources. These sources of income are discussed in upcoming pages.

There are exemptions of Income under the Income Tax Act. That is to say certain incomes are not taxed. These exemptions are discussed in upcoming pages.

There are deductions given under the Income Tax Act. That is to say there are certain deductions which are allowed for the computation of Income. These deductions are also narrated in upcoming pages.

There are rebates and reliefs on income tax. These rebates & reliefs from income tax are allowed to tax payers. In subsequent pages we will discuss on the provisions of rebates under the Income Tax Act.