Tax&Consultancy
An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Taxation rates may vary by the type or characteristics of the taxpayer and the type of income. Everyone who earns or gets an income in India is subject to income tax. (Yes, be it a resident or a non-resident of India ). Also, read our article on Income Tax for NRIs. Your income could be salary, pension, or could be from a savings account that’s quietly accumulating a 4% interest. Even, winners of ‘Kaun Banega Crorepati’ have to pay tax on their prize money. Taxpayers in India, for the purpose of income tax, includes:
Individuals, Hindu Undivided Family (HUF), Association of Persons(AOP), and Body of Individuals (BOI) Firms Companies.
Each of these taxpayers is taxed differently under the Indian income tax laws. While firms and Indian companies have a fixed rate of tax of 30% of profits, the individual, HUF, AOP, and BOI taxpayers are taxed based on the income slab they fall under. People’s incomes are grouped into blocks called tax brackets or tax slabs. And each tax slab has a different tax rate. In India, we have four tax brackets each with an increased tax rate.
- Income earners of up to 2.5 lakhs
- Income earners of between 2.5 lakhs and 5 lakhs
- Income earners of between 5 lakhs and 10 lakhs
- Those earning more than Rs 10 lakhs
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