India Tax Year

India Tax Year is the taxation pertaining to a financial year. The tax payers under India tax year are those individual professional working under the Departments of the Central Government of India, Departments of the State Governments of India, private sector units, public sector units, and foreign companies in India. The system of taxation in India is well formulated. The authorities in such as the Central Government, State Governments and other public bodies are well aware of their area of functioning. The Central Government of India is responsible for charging tax on income (not income pertaining to agricultural income), central excise, customs duties, and service tax. The State Governments of India is responsible for imposing tax pertaining to Value Added Tax (VAT), sales tax, income from agriculture, state excise duty, stamp duty, professional tax, and land revenue. Taxes imposed by the local bodies are pertaining to octroi tax, water supply utilities, drainage and sewage utilities, and property tax among others.

Different taxes levied under the India Tax Year:

• Direct Taxes
  
  
  • Personal Income Tax
  • Tax on Corporate Income
  • Tax Incentives
  • Capital Gains Tax
  
  
• Indirect Taxes
  
  
  • Securities Transaction Tax
  • Service Tax
  • Excise Duty
  • Customs Duty
  
  
• Taxes Levied by State Governments and Local Bodies
  
  
  • Other Taxes
  • Sales Tax or Value Added Tax

Different return forms under India Tax Year:

• For income tax return
  
  
  • Form no. 1-8, (New) New Income-Tax Return Forms (For Assessment Year 2007-08)
    
    
  • Form no. 1, Return of income and Return of Fringe Benefits - For companies other than those claiming exemption under section 11
    
    
  • Form no. 2, Return of income and Return of Fringe Benefits - For Non-Corporate assessees not claiming exemption under section 11 and having income from business or profession
    
    
  • Form no. 2B, Return of income for block assessment
    
    
  • Form no. 2C, Return of income
    
    
  • Form no. 2D SARAL, Income-tax return form for non-corporate assessees other than persons claiming exemption under section 11
    
    
  • Form no. 2E NAYA SARAL , Income-tax return form for resident individual/Hindu undivided family not having income from business or profession or capital gains or agricultural income
    
    
  • Form no. 2F, Return of income
    
    
  • Form no. 3, Return of income - For Non-Corporate assessees not claiming exemption under section 11 and not having income from business or profession
    
    
  • Form no. 3A, Return of income and the Return of Fringe Benefits - For persons including companies required to furnish return under Section 139(4A) or under section 139(4C) or under section 139(4D)
    
    
  • Form no. 3B, Return of Fringe Benefits - For assessees (1) Who are required to furnish return of income and also return of fringe benefits but (a) have filed Form No. 1 or Form No. 2 or Form No. 2D or Form No. 3A for A.Y. 2006-2007
    
    
  • Form no. 16AA, Certificate for tax deducted at source from income chargeable under the head "Salaries" - cum - Return of income
  
  
• For wealth tax return
  
  
  • Form BA for Return of net wealth in case of individuals, Hindu undivided families and companies
  • Form A for Return of net wealth
  • Form B for Return of net wealth under sub-section(1) or sub section (2) of section 14 of the Wealth tax act,1957
  
  
• For expenditure tax return
  
  
  • Form no. 3 Return of aggregate of the payments received in respect of chargeable expenditure
  
  
• For interest tax return
  
  
  • Form no. 1 Return of chargeable interest