Income tax is a levy imposed on individuals, HUF, firms, companies, LLP, and corporates, on their income or profits under the income tax act of India. Income tax is computed according to the slab system and classified into two, Direct and Indirect tax. Tax charged on earnings is a direct tax, whereas tax charged by Government on goods and services…
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Personal Tax return filing for an individual with salary income. Its is mandatory for individuals, NRIs, partnership firms, LLPs, companies and Trust to file income tax returns each year. Individuals and NRIs are required to file income tax return, if their income exceeds Rs.2.5 lakhs per annum. Proprietorship firms and partnership firms are required income tax return - irrespective of…
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