India Tax Year

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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

IT Return Form Brief Description
ITR - 1 Also known as SAHAJ. It is applicable to an individual having salary or pension income or income from one house property (not a case of brought forward loss) or income from other sources (not being lottery winnings and income from race horses).
ITR - 2It is applicable to an individual or a Hindu Undivided Family having income from any source other than "Profits and gains of business or profession".
ITR - 3It is applicable to an individual or a Hindu Undivided Family who is a partner in a firm and income chargeable to income-tax in his/its hands under the head "Profits or gains of business or profession" does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from such firm.
ITR - 4SAlso known as SUGAM is applicable to individuals and HUFs who have opted for the presumptive taxation scheme of section 44AD/ 44AE.
ITR - 4It is applicable to an individual or a Hindu Undivided Family who is carrying on a proprietary business or profession.
ITR - 5It is applicable to a person being a firm, LLP, AOP, BOI, artificial juridical person, co-operative society and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form (i.e., trusts, political party, institutions, colleges, etc.)
ITR - 6It is applicable to a company, other than a company claiming exemption undersection 11 (charitable/religious trust can claim exemption under section 11 ).
ITR - 7It is applicable to a persons including companies who are required to furnish return under section 139(4A) or 139(4B) or 139(4C) or 139(4D) (i.e., trusts, political party, institutions, colleges, etc.).
ITR - VIt is the acknowledgement of filing of 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

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