Income Tax

Income tax – Income tax is tax on income. Income tax is an annual tax on income. The Indian Income Tax Act (Section 4) provides that in respect of the total income of the previous year of every person, income tax shall be charged for the corresponding assessment year at the rates laid down by the Finance Act for that assessment year. Section 14 of the Incometax Act further provides that for the purpose of charge of income tax and computation of total income all income shall be classified under the following heads of income:

  • Salaries
  • Income from house property
  • Profits and gains of business or profession
  • Capital gains
  • Income from other sources

Pan application – For New PAN applications, in case of Individual and HUF applicants if Address for Communication is selected as Office, then Proof of Office Address along with Proof of residential address is to be submitted to NSDL w.e.f. applications made on and after 1st November 2009.

Tan application – TAN or Tax Deduction and Collection Account Number is a 10 digit alpha numeric number required to be obtained by all persons who are responsible for deducting or collecting tax. It is compulsory to quote TAN in TDS/TCS return (including any e-TDS/TCS return), any TDS/TCS payment challan and TDS/TCS certificates.

ITR Filing

ITR Description :

  • For Individuals & HUFs having income from a proprietory business or profession
  • For persons other than
    1. individual
    2. HUF
    3. company
    4. person filing
  • For Companies other than companies claiming exemption under section 11

Income tax security – Some people must pay taxes on part of their Social Security benefits. Others find that their benefits aren’t taxable.

Income tax consultation – In the past, job security was of paramount importance for a salaried individual. In today’s economic scenario, however, this may not be entirely true. Increase in employment options, especially due to scarcity of the requisite skill sets, has changed the whole scenario. Another change being witnessed in today is that professionally/ technically qualified personnel prefer to work as independent consultants rather than as regular employees.