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INCOME TAX

Income tax is a direct tax levied by the government on an individual’s or entity’s earnings during a financial year. It is applicable to various income sources, including salaries, business profits, capital gains, and other earnings. Taxpayers are classified into different categories, each with specific tax slabs and rates. Filing income tax returns (ITR) is mandatory for individuals and businesses meeting prescribed income thresholds. Proper tax planning and compliance ensure optimized tax liability and legal adherence.

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Tax Deducted at Source (TDS) is a mechanism introduced by the Income Tax Department where tax is deducted at the time of making payments such as salary, rent, commission, interest, professional fees, etc.

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