Tax on Income

Income of persons taxed under the 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 Artificial Judicial Person not falling within any of the above.

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. These types are basically determined based on the period of stay in India.

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. There is also equalisation levy under the Income Tax Act on digital transactions and services.

There are exemptions of Income under the Income Tax Act. That is to say certain incomes are not taxed. 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.

There are rebates and reliefs under the income tax. These rebates & reliefs from income tax are allowed to taxpayers.

The Income Tax Act has various sections, schedules and rules. Further there are notifications and circulars issued by Central Board of Direct Taxes. These are referred to compute the tax on of any person.

Cyber Records provides services on both aspects of consulting and filing various returns under the Income Tax Laws.