Income Tax Return Filing

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 is an indirect tax.

Individual and Businessperson

A person whose total income during the previous year exceeds the maximum amount of income is changeable to pay tax. This category includes.

• Individual
• Businesspersons

An individual category includes a male, a female, or a child. A person who earns a salary or a businessperson who owns a business individually comes under the individual. The basic exemption limit for exception from taxation.