Hello friends, welcome to your blog Tech Iconic. Today I will discuss about income tax for business through this article.
Income tax is a type of tax that the central government levies on the income earned by individuals and businesses during a financial year. taxes are a source of revenue for the government. the government will use this revenue to develop infrastructure, health care, education, farmers/farmers. it does subsidies to the agriculture sector and other government welfare schemes.
There are mainly two types of taxes, direct taxes and indirect forms of tax. The tax levied directly on the income earned is called direct tax, for example income tax is a direct tax. The tax calculation is based on income slab rates applicable during that financial year.
What is Income Tax?
Is it mandatory to file income Tax Returns?
Who should file Income Tax Return?
- All persons up to the age of 59 years, whose total income for a financial year is more than Rs. 2.5 lakh. For senior citizens (60-79 age group), the limit has been increased to Rs. 3 lakhs and for most senior citizens (80 years of age and above) the limit is Rs. 5 million. It is important to note that the income amount should be calculated before factoring in the deductions permitted under sections 80c to 80u and other exemptions under section 10.
- All registered companies that generate income, regardless of whether they have made any profit during the year or not.
- Those who wish to claim refund on additional tax deduction/income tax paid by them.
- Persons who have assets or institutions of financial interest located outside India.
- Foreign companies that avail of the treaty on transactions made in India.
- NRIS who earn or earn more than Rs. 2.5 lakh in India in a financial year.
Documents Required to Fill It
- Bank and Post office savings account passbook, PPF account passbook.
- Pay Slip.
- Aadhaar Card, Pan Card.
- TDSB deducted by your employer.
- TDSC deducted by banks.
- TDS deducted by any other organization from the payment made to you.
How to Link Aadhaar With Income Tax Return?
To Link Your Aadhaar Number To Your Income Tax Return
- Type or write the number in the additional space given in the new ITR form provided in the income tax website.
- If you have applied for the Aadhaar number but have not received it, you can use the 28-digit enrolment id.
- The Aadhaar number is automatically filled in the itr form if it has been added electronically earlier.