INCOME TAX FILING

For understanding INCOME TAX WE NEED TO UNDERSTAND SOME POINT THAT IS, 1:-WHAT IS INCOME , types of income what is income tax, , types of income tax , forms of income tax.
So let us view in every aspect in details

WHAT IS INCOME

For understanding what is income , let us study in details
A:-Income is money usually individual or company or businessman received by exchanging or providing services and goods and working to other people .
Ex.1 :-Individual work on company and company will give salary to individual .
2:-business man and company provided goods and services to other company in exchange company will recived money i.e income
3:-interest recived on fixed deposit from bank and post office and other
B:- Income is a part of component of our daily life , i.e amount recived via working on company and industries , fixed deposit on bank and other place and interest received on loan, , interest received on investment , rent recived on giving house on rent and other various types of income .

There is a various types of income which we recived in our daily life some of them are
1:-income received from salary on working in company and industries
2:-income recived from own house property i.e called as rent income
3:-income from shares , dividend , saving a/c , fixed deposit,
4:-income recived from rental machinery
5:-income received on proprietary business and company business
6:-remuneration received from partner
7:- various types of commission income
8:-income of pension and family pension
9:-income from winning lottry , puzzle , games, house racing and other
10:-income from property sold, share sold , i.e called as long term and short term capital gains

WHAT IS INCOME TAX

INCOME TAX IS TAX WHICH IS LEVEIED BY GOVT ON INCOME EARNED BY INDIVIDUAL AND COMPANY AND OTHER ENTITES

Income tax is tax paid by individual or company and other entites in there earning , which is earned by him during the financial year

Govt usually charges different Income tax rate on different types of income, and as and when income increase income tax will increase .