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aria-label="Co-branded Credit Cards">Co-branded Credit Cards</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/credit-card/rbl-bank-bankbazaar-savemax-credit-card.html" title="RBL SaveMax Credit Card" aria-label="RBL SaveMax Credit Card">RBL SaveMax Credit Card</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/credit-card/finbooster-yes-bank-bankbazaar-co-branded-credit-card.html " title="Yes Bank FinBooster Credit Card" aria-label="Yes Bank FinBooster Credit Card">Yes Bank FinBooster Credit Card</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/hdfc-credit-card.html" title="HDFC Credit Cards" aria-label="HDFC Credit Cards">HDFC Credit Cards</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/sbi-credit-card.html" title="SBI Credit Cards" aria-label="SBI Credit Cards">SBI Credit Cards</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/indusind-credit-card.html" title="Indusind Bank Credit cards" aria-label="Indusind Bank Credit cards">Indusind Bank Credit cards</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/credit-card/top-10-credit-cards-in-india.html" title="Top 10 Credit Cards" aria-label="Top 10 Credit Cards">Top 10 Credit Cards</a></li></ul></div></details></div><div class="border bg-transparent hover:bg-transparent text-sm"><details name="accordion" class="px-4 py-4"><summary class="cursor-pointer block relative"><strong><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-school mr-2 h-full"><path d="M14 22v-4a2 2 0 1 0-4 0v4"></path><path d="m18 10 4 2v8a2 2 0 0 1-2 2H4a2 2 0 0 1-2-2v-8l4-2"></path><path d="M18 5v17"></path><path d="m4 6 8-4 8 4"></path><path d="M6 5v17"></path><circle cx="12" cy="9" r="2"></circle></svg>Home Loans <span class="accordion-arrow absolute right-2.5"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-chevron-down"><path d="m6 9 6 6 6-6"></path></svg></span></strong></summary><div class="py-2.5"><ul class="list-none "><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/home-loan.html" title="Compare Home Loans" aria-label="Compare Home Loans">Compare Home Loans</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/home-loan/emi-calculator.html" title="Home Loan Calculator" aria-label="Home Loan Calculator">Home Loan Calculator</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/home-loan-interest-rate.html" title="Home Loan Interest Rates" aria-label="Home Loan Interest Rates">Home Loan Interest Rates</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/home-loan-eligibility.html" title="Home Loan Eligibility" aria-label="Home Loan Eligibility">Home Loan Eligibility</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/home-loan-balance-transfer.html" title="Home Loan Transfer" aria-label="Home Loan Transfer">Home Loan Transfer</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/home-loan/pradhan-mantri-awas-yojana.html" title="PMAY" aria-label="PMAY">PMAY</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/sbi-home-loan.html" title="SBI Home Loan" aria-label="SBI Home Loan">SBI Home Loan</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/hdfc-home-loan.html" title="HDFC Home Loan" aria-label="HDFC Home Loan">HDFC Home Loan</a></li></ul></div></details></div><div class="border bg-transparent hover:bg-transparent text-sm"><details name="accordion" class="px-4 py-4"><summary class="cursor-pointer block relative"><strong><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-indian-rupee mr-2 h-full"><path d="M6 3h12"></path><path d="M6 8h12"></path><path d="m6 13 8.5 8"></path><path d="M6 13h3"></path><path d="M9 13c6.667 0 6.667-10 0-10"></path></svg>Personal Loans <span class="accordion-arrow absolute right-2.5"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-chevron-down"><path d="m6 9 6 6 6-6"></path></svg></span></strong></summary><div class="py-2.5"><ul class="list-none "><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/personal-loan.html" title="Compare Personal Loans" aria-label="Compare Personal Loans">Compare Personal Loans</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/personal-loan/emi-calculator.html" title="Personal Loan Calculator" aria-label="Personal Loan Calculator">Personal Loan Calculator</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/personal-loan-interest-rate.html" title="Personal Loan Interest Rates" aria-label="Personal Loan Interest Rates">Personal Loan Interest Rates</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/personal-loan-eligibility.html" title="Personal Loan Eligibility" aria-label="Personal Loan Eligibility">Personal Loan Eligibility</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/sbi-personal-loan.html" title="SBI Personal Loan" aria-label="SBI Personal Loan">SBI Personal Loan</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/hdfc-personal-loan.html" title="HDFC Personal Loan" aria-label="HDFC Personal Loan">HDFC Personal Loan</a></li></ul></div></details></div><div class="border bg-transparent hover:bg-transparent text-sm"><details name="accordion" class="px-4 py-4"><summary class="cursor-pointer block relative"><strong><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-indian-rupee mr-2 h-full"><path d="M6 3h12"></path><path d="M6 8h12"></path><path d="m6 13 8.5 8"></path><path d="M6 13h3"></path><path d="M9 13c6.667 0 6.667-10 0-10"></path></svg>Other Loans <span class="accordion-arrow absolute right-2.5"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-chevron-down"><path d="m6 9 6 6 6-6"></path></svg></span></strong></summary><div class="py-2.5"><ul class="list-none "><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/car-loan.html" title="Car Loan" aria-label="Car Loan">Car Loan</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/two-wheeler-loan.html" title="Two Wheeler Loan" aria-label="Two Wheeler Loan">Two Wheeler Loan</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/education-loan.html" title="Education Loan" aria-label="Education Loan">Education Loan</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/gold-loan.html" title="Gold Loan" aria-label="Gold Loan">Gold Loan</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/home-loan/loan-against-property.html" title="Loan Against Property" aria-label="Loan Against Property">Loan Against Property</a></li></ul></div></details></div><div class="border bg-transparent hover:bg-transparent text-sm"><details name="accordion" class="px-4 py-4"><summary class="cursor-pointer block relative"><strong><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-calculator mr-2 h-full"><rect width="16" height="20" x="4" y="2" rx="2"></rect><line x1="8" x2="16" y1="6" y2="6"></line><line x1="16" x2="16" y1="14" y2="18"></line><path d="M16 10h.01"></path><path d="M12 10h.01"></path><path d="M8 10h.01"></path><path d="M12 14h.01"></path><path d="M8 14h.01"></path><path d="M12 18h.01"></path><path d="M8 18h.01"></path></svg>Calculators <span class="accordion-arrow absolute right-2.5"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-chevron-down"><path d="m6 9 6 6 6-6"></path></svg></span></strong></summary><div class="py-2.5"><ul class="list-none "><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/finance-tools/emi-calculator.html" title="EMI Calculator" aria-label="EMI Calculator">EMI Calculator</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/home-loan/emi-calculator.html" title="Home Loan EMI Calculator" aria-label="Home Loan EMI Calculator">Home Loan EMI Calculator</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/personal-loan/emi-calculator.html" title="Personal Loan EMI Calculator" aria-label="Personal Loan EMI Calculator">Personal Loan EMI Calculator</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/car-loan/emi-calculator.html" title="Car Loan EMI Calculator" aria-label="Car Loan EMI Calculator">Car Loan EMI Calculator</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/tax/income-tax-calculator.html" title="Income Tax Calculator" aria-label="Income Tax Calculator">Income Tax Calculator</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/fixed-deposit/fd-calculator.html" title="FD Calculator" aria-label="FD Calculator">FD Calculator</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/recurring-deposit/rd-interest-calculator.html" title="RD Calculator" aria-label="RD Calculator">RD Calculator</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/calculators.html" title="All Financial Calculators" aria-label="All Financial Calculators">All Financial Calculators</a></li></ul></div></details></div><div class="border bg-transparent hover:bg-transparent text-sm"><details name="accordion" class="px-4 py-4"><summary class="cursor-pointer block relative"><strong><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-indian-rupee mr-2 h-full"><path d="M6 3h12"></path><path d="M6 8h12"></path><path d="m6 13 8.5 8"></path><path d="M6 13h3"></path><path d="M9 13c6.667 0 6.667-10 0-10"></path></svg>Investments <span class="accordion-arrow absolute right-2.5"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-chevron-down"><path d="m6 9 6 6 6-6"></path></svg></span></strong></summary><div class="py-2.5"><ul class="list-none "><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/fixed-deposit-rate.html" title="Fixed Deposit" aria-label="Fixed Deposit">Fixed Deposit</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/recurring-deposit-rates.html" title="Recurring Deposit" aria-label="Recurring Deposit">Recurring Deposit</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/savings-account.html" title="Savings Account" aria-label="Savings Account">Savings Account</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/saving-schemes.html" title="Saving Schemes" aria-label="Saving Schemes">Saving Schemes</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/gold-rate-india.html" title="Gold Rate" aria-label="Gold Rate">Gold Rate</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/silver-rate-india.html" title="Silver Rate" aria-label="Silver Rate">Silver Rate</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/mutual-fund.html" title="Mutual Funds" aria-label="Mutual Funds">Mutual Funds</a></li></ul></div></details></div><span><a href="/credit-score.html" class="inline-flex items-center justify-center whitespace-nowrap rounded-md text-sm ring-offset-white transition-colors focus-visible:outline-none focus-visible:ring-slate-950 focus-visible:ring-offset-2 disabled:pointer-events-none disabled:opacity-50 dark:ring-offset-slate-950 dark:focus-visible:ring-slate-300 dark:bg-slate-50 dark:text-slate-900 dark:hover:bg-slate-50/90 px-4 minW-auto bg-inherit text-inherit hover:bg-inherit no-underline h-auto text-wrap font-medium focus-visible:ring-0 w-full py-4"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-wallet-cards mr-2 h-full"><rect width="18" height="18" x="3" y="3" rx="2"></rect><path d="M3 9a2 2 0 0 1 2-2h14a2 2 0 0 1 2 2"></path><path d="M3 11h3c.8 0 1.6.3 2.1.9l1.1.9c1.6 1.6 4.1 1.6 5.7 0l1.1-.9c.5-.5 1.3-.9 2.1-.9H21"></path></svg><span class="flex-auto "><strong><p class="text-sm ">Credit Score</p></strong></span><img src="https://static.bankbazaar.com/images/common/bbicons-menu-free-badge.webp" alt="FREE" title="FREE" width="40" height="20" style="max-width:100%;display:inline"/></a></span><div class="border bg-transparent hover:bg-transparent text-sm"><details name="accordion" class="px-4 py-4"><summary class="cursor-pointer block relative"><strong><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-file-text mr-2 h-full"><path d="M15 2H6a2 2 0 0 0-2 2v16a2 2 0 0 0 2 2h12a2 2 0 0 0 2-2V7Z"></path><path d="M14 2v4a2 2 0 0 0 2 2h4"></path><path d="M10 9H8"></path><path d="M16 13H8"></path><path d="M16 17H8"></path></svg>Govt. Utility Documents <span class="accordion-arrow absolute right-2.5"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-chevron-down"><path d="m6 9 6 6 6-6"></path></svg></span></strong></summary><div class="py-2.5"><ul class="list-none "><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/pan-card.html" title="Pan Card" aria-label="Pan Card">Pan Card</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/aadhar-card.html" title="Aadhaar Card" aria-label="Aadhaar Card">Aadhaar Card</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/voter-id.html" title="Voter ID" aria-label="Voter ID">Voter ID</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/electricity-bill.html" title="Electricity Bill" aria-label="Electricity Bill">Electricity Bill</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/driving-licence.html" title="Driving Licence" aria-label="Driving Licence">Driving Licence</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/passport.html" title="Passport" aria-label="Passport">Passport</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/visa.html" title="Visa" aria-label="Visa">Visa</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/gas-connection.html" title="Gas Connection" aria-label="Gas Connection">Gas Connection</a></li><li class="text-sm ml-6 pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/ration-card.html" title="Ration Card" aria-label="Ration Card">Ration Card</a></li></ul></div></details></div><span><a href="/getapp.html" class="inline-flex items-center justify-center whitespace-nowrap rounded-md text-sm ring-offset-white transition-colors focus-visible:outline-none focus-visible:ring-slate-950 focus-visible:ring-offset-2 disabled:pointer-events-none disabled:opacity-50 dark:ring-offset-slate-950 dark:focus-visible:ring-slate-300 dark:bg-slate-50 dark:text-slate-900 dark:hover:bg-slate-50/90 px-4 minW-auto bg-inherit text-inherit hover:bg-inherit no-underline h-auto text-wrap font-medium focus-visible:ring-0 w-full py-4"><span class="mr-2"><img src="https://static.bankbazaar.com/images/common/bbicons-menu-download-app.webp" alt="Download App" title="Download App" width="25" height="28" style="max-width:100%;display:inline"/></span><span class="flex-auto "><strong><p class="text-sm ">Download Mobile App</p></strong></span><img src="https://static.bankbazaar.com/images/common/bbicons-menu-android-star-badge.webp" alt="Badge" title="Badge" width="12" height="20" style="max-width:100%;display:inline"/></a></span><div class="border bg-transparent hover:bg-transparent text-sm"><details name="accordion" class="px-4 py-4"><summary class="cursor-pointer block relative"><strong><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-umbrella mr-2 h-full"><path d="M22 12a10.06 10.06 1 0 0-20 0Z"></path><path d="M12 12v8a2 2 0 0 0 4 0"></path><path d="M12 2v1"></path></svg>Insurance <span class="accordion-arrow absolute right-2.5"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-chevron-down"><path d="m6 9 6 6 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class="inline-flex hover:underline no-underline text-bbBlue" href="/tax/service-tax.html" title="Service Tax" target="_blank" aria-label="Service Tax">Service Tax</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/sales-tax.html" title="Sales Tax" target="_blank" aria-label="Sales Tax">Sales Tax</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/tax/excise-duty.html" title="Excise Duty" target="_blank" aria-label="Excise Duty">Excise Duty</a></li><li class="text-sm pt-1 pb-1"><a class="inline-flex hover:underline no-underline text-bbBlue" href="/tax/cost-inflation-index.html" title="Cost Inflation Index" target="_blank" aria-label="Cost Inflation Index">Cost Inflation Index</a></li></ul></div></div><div data-inline-ad-position="LEFT_NAV"></div></aside></div><div class=" lg:col-span-10 md:col-span-10 col-span-12"><div class="flex flex-col gap-2.5 px-1"><div class="items-center flex gap-2.5"><h1 class="text-xl font-bold ">Tax in India</h1></div><div class="rounded-lg border border-slate-200 text-slate-950 shadow-sm dark:border-slate-800 dark:bg-slate-950 dark:text-slate-50 relative bg-primary-light"><div class="p-2.5"><div class="pr-md font-large" style="max-height:500px;overflow-y:auto"><p class="text-base ">The payment of tax is beneficial on multiple levels including the development of the nation, betterment of infrastructure, the upliftment of the society, and even for welfare activities for the nation.</p></div></div></div><div><div class="mb-xl"><span style="background-color:#ffff009c" class="mb-xl"></span></div><div class="flex flex-col gap-1"><div class="text-center mt-4 mb-4"><a href="https://www.bankbazaar.com/credit-score.html?variant=slide&WT.mc_id=CROSS_SELL_IL_INCOME_TAX_BUTTON_11847&utm_source=bb&utm_medium=seo&utm_campaign=CROSS_SELL_IL_INCOME_TAX_BUTTON_11847" class="inline-flex items-center justify-center whitespace-nowrap rounded-md text-sm ring-offset-white transition-colors focus-visible:outline-none focus-visible:ring-slate-950 focus-visible:ring-offset-2 disabled:pointer-events-none disabled:opacity-50 dark:ring-offset-slate-950 dark:focus-visible:ring-slate-300 dark:bg-slate-50 dark:text-slate-900 dark:hover:bg-slate-50/90 px-4 py-2 minW-auto no-underline h-auto text-wrap font-medium focus-visible:ring-0 bg-destructive text-destructive-foreground hover:bg-destructive-300" title="Check Your Credit Score for FREE">Check Your Credit Score for FREE</a></div><h2 class="text-lg font-bold pt-5">What is Tax?</h2><p class="text-base "><strong>Taxes </strong>are levied by governments on their citizens <strong>to generate income for undertaking projects to boost the economy of the country</strong> and to raise the standard of living of its citizens.</p><h3 class="text-md font-bold pt-5">Different Types of Taxes in India</h3></div><div><div class="flex flex-col gap-1"><p class="text-base ">There are two main categories of taxes, which are further sub-divided into other categories.</p><ul class="list-decimal list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Direct Tax</strong></li><li class="pt-1 pb-1"><strong>Indirect Tax</strong></li></ul><p class="text-base ">There are also minor cess taxes that fall into different sub-categories. Within the <a href="/tax/income-tax-act.html" target="_blank">Income Tax Act</a>, there are different acts that govern these taxes.</p><div data-inline-ad-position="HUNGRY_FOR_MORE"></div><h4 class="text-sm font-bold pt-5">1. Direct Tax </h4><p class="text-base "><a href="tax/direct-tax.html" target="_blank">Direct tax</a> is tax that are to be paid directly to the government by the individual or legal entity. Direct taxes are overlooked by the Central Board of Direct Taxes (CBDT). Direct taxes cannot be transferred to any other individual or legal entity.</p><div class="text-center mt-4 mb-4"><a href="https://www.bankbazaar.com/credit-score.html?variant=slide&WT.mc_id=CROSS_SELL_IL_INCOME_TAX_BUTTON_11847&utm_source=bb&utm_medium=seo&utm_campaign=CROSS_SELL_IL_INCOME_TAX_BUTTON_11847" class="inline-flex items-center justify-center whitespace-nowrap rounded-md text-sm ring-offset-white transition-colors focus-visible:outline-none focus-visible:ring-slate-950 focus-visible:ring-offset-2 disabled:pointer-events-none disabled:opacity-50 dark:ring-offset-slate-950 dark:focus-visible:ring-slate-300 dark:bg-slate-50 dark:text-slate-900 dark:hover:bg-slate-50/90 px-4 py-2 minW-auto no-underline h-auto text-wrap font-medium focus-visible:ring-0 bg-destructive text-destructive-foreground hover:bg-destructive-300" title="Check Your Credit Score for FREE">Check Your Credit Score for FREE</a></div><h4 class="text-sm font-bold pt-5">Sub-categories of Direct Taxes</h4><p class="text-base ">The following are the sub-categories of direct taxes:</p><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Income Tax</strong><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong></strong>This is the tax that is levied on the annual income or the profits which is directly paid to the government. </li><li class="pt-1 pb-1">Everyone who earns any kind of income is liable to pay income tax.</li><li class="pt-1 pb-1">There are different <a href="/tax/income-tax-slabs.html" target="_blank">tax slabs</a> for different income amounts. Apart from individuals, legal entities are also liable to pay taxes. </li><li class="pt-1 pb-1">These include all Artificial Judicial Persons, Hindu Undivided Family (HUF), Body of Individuals (BOI), Association of Persons (AOP), companies, local firms, and local authorities.</li></ol></li><li class="pt-1 pb-1"><strong>Capital Gains</strong><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong></strong><a href="/tax/capital-gains-tax.html" target="_blank">Capital gains tax</a> is levied on the sale of a property or money received through an investment. It could be from either short-term or <a href="/tax/long-term-capital-gains.html" target="_blank">long-term capital gains</a> from an investment. This includes all exchanges made in kind that is weighed against its value.</li></ol></li><li class="pt-1 pb-1"><strong>Securities Transaction Tax</strong><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong> </strong><a href="/tax/securities-transaction-tax.html" target="_blank">STT</a> is levied on stock market and securities trading.聽The tax is levied on the price of the share as well as securities traded on the Indian Stock Exchange (ISE).</li></ol></li><li class="pt-1 pb-1"><strong>Prerequisite Tax</strong><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong></strong>These are taxes that are levied on the different benefits and perks that are provided by a company to its employees.</li></ol></li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Corporate Tax</strong><br/>The income tax paid by a company is defined as the聽<a href="/tax/corporate-tax.html" target="_blank">corporate tax</a>. It is based on the different slabs that the revenue falls under. The sub-categories of corporate taxes are as follows:聽聽<br/><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Dividend Distribution Tax</strong> (<a href="/tax/dividend-distribution-tax.html" target="_blank">DDT</a>)<ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">This tax is levied on the dividends that companies pay to the investors. It applies to the net or gross income that an investor receives from the investment.</li></ol></li><li class="pt-1 pb-1"><strong>Fringe Benefit Tax</strong> (FBT)<ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">聽 This is tax levied on the fringe benefits that an employee receives from the company. This includes expenses related to accommodation, transportation,聽<a href="/tax/leave-travel-allowance.html" target="_blank">leave travel allowance</a>, entertainment, retirement fund contribution by the employee, employee welfare, Employee Stock Ownership Plan (ESOP), etc.聽聽</li></ol></li><li class="pt-1 pb-1"><strong>Minimum Alternative Tax</strong> (<a href="/tax/minimum-alternate-tax.html" target="_blank">MAT</a>)<ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">Companies pay the IT Department through MAT which is governed by Section 115JA of the IT Act. Companies that are exempt from MAT are those that are in the power and infrastructure sectors.</li></ol></li></ol></li></ol><h4 class="text-sm font-bold pt-5">2. Indirect Tax</h4><p class="text-base ">Taxes that are levied on services and products are called <a href="/tax/indirect-tax.html" target="_blank">indirect tax</a>. Indirect taxes are collected by the seller of the service or product. The tax is added to the price of the products and services. It increases the price of the product or service. There is only one indirect tax levied by the government currently. This is called <a href="/tax/gst.html" target="_blank">GST</a> or the Goods and Services Tax.</p><p class="text-base "><strong>Goods and Services Tax (GST)</strong></p><p class="text-base "><strong></strong>This is a consumption tax that is levied on the supply of services and goods in India. Every step of the production process of any goods or value-added services is subject to the imposition of GST. It is supposed to be refunded to the parties that are involved in the production process (and not the final consumer).聽GST is classified into Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST), and Intergrated Goods and Services Tax (IGST).</p><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Customs Duty</strong><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">In case products have been imported from outside India, <a href="/tax/custom-duty.html" target="_blank">customs duty</a> is levied. The amount of tax that will be levied will depend on the product that has been imported.聽</li></ol></li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Excise Duty</strong><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">The Tax is levied on goods or produced goods in India. The manufacturing company directly collects the tax.聽</li></ol></li><li class="pt-1 pb-1"><strong>Service Tax</strong><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><a href="/tax/service-tax.html" target="_blank">Service tax</a> is charged on the company鈥檚 services. It is included in the product鈥檚 price and collection of the tax will depend on the type of service. Several paid services such as advertising, financial services, banking, consultancy, maintenance, healthcare, and telephone are covered under the tax.聽</li></ol></li><li class="pt-1 pb-1"><strong>Sales Tax</strong><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">The tax that is charged to sell the product is <a href="/sales-tax.html" target="_blank">sales tax</a>. The seller of the product is charged the tax. The different levels that are applicable under sales tax are Intra-State Level, Import/Export Sales, and Inter-State Sale.聽</li></ol></li></ol><div class="text-center mt-4 mb-4"><a href="https://www.bankbazaar.com/credit-score.html?variant=slide&WT.mc_id=CROSS_SELL_IL_INCOME_TAX_BUTTON_11847&utm_source=bb&utm_medium=seo&utm_campaign=CROSS_SELL_IL_INCOME_TAX_BUTTON_11847" class="inline-flex items-center justify-center whitespace-nowrap rounded-md text-sm ring-offset-white transition-colors focus-visible:outline-none focus-visible:ring-slate-950 focus-visible:ring-offset-2 disabled:pointer-events-none disabled:opacity-50 dark:ring-offset-slate-950 dark:focus-visible:ring-slate-300 dark:bg-slate-50 dark:text-slate-900 dark:hover:bg-slate-50/90 px-4 py-2 minW-auto no-underline h-auto text-wrap font-medium focus-visible:ring-0 bg-destructive text-destructive-foreground hover:bg-destructive-300" title="Check Your Credit Score for FREE">Check Your Credit Score for FREE</a></div><div data-inline-ad-position="HUNGRY_FOR_MORE"></div><h4 class="text-sm font-bold pt-5">Other Taxes</h4><p class="text-base ">Other taxes are minor revenue generators and are small cess taxes. The various sub-categories of other taxes are as follows:</p><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Property tax: </strong>This is also called Real Estate Tax or Municipal Tax. Residential and commercial property owners are subject to property tax. It is used for the maintenance of some of the fundamental civil services. <a href="/tax/property-tax.html" target="_blank">Property tax</a> is levied by the municipal bodies based in each city.</li><li class="pt-1 pb-1"><strong>Professional tax: </strong>This employment tax is levied on those who practice a profession or earn a salaried income such as lawyers, chartered accountants, doctors, etc. This tax differs from state to state. Not all states levy <a href="/tax/professional-tax.html" target="_blank">professional tax</a>.</li><li class="pt-1 pb-1"><strong>Entertainment tax: </strong>This is tax that is levied on television series, movies, exhibitions, etc. The tax is levied on the gross collections from the earnings. <a href="/tax/entertainment-tax.html" target="_blank">Entertainment tax</a> also referred as amusement tax.</li><li class="pt-1 pb-1"><strong>Registration fees, stamp duty, transfer tax: </strong>These are collected in addition to or as a supplement to property tax at the time of purchasing a property.</li><li class="pt-1 pb-1"><strong>Education cess:</strong><a href="/tax/education-cess.html" target="_blank"> Education Cess </a>is levied to fund the educational programs launched and maintained by the government of India.</li><li class="pt-1 pb-1"><strong>Entry tax: </strong>This is tax that is levied on the products or goods that enter a state, specifically through e-commerce establishments, and is applicable in the states of Delhi, Assam, Gujarat, Madhya Pradesh, etc.</li><li class="pt-1 pb-1"><strong>Road tax and toll tax:</strong><a href="/tax/road-tax.html" target="_blank"> Road tax</a> is used for the maintenance of roads and toll infrastructure.</li></ol><div class="text-center px-2.5 py-1">Know more Info about 聽<a href="/income-tax.html" class="inline-flex items-center justify-center whitespace-nowrap rounded-md text-sm ring-offset-white transition-colors focus-visible:outline-none focus-visible:ring-slate-950 focus-visible:ring-offset-2 disabled:pointer-events-none disabled:opacity-50 dark:ring-offset-slate-950 dark:focus-visible:ring-slate-300 dark:bg-slate-50 dark:text-slate-900 dark:hover:bg-slate-50/90 px-4 py-2 minW-auto no-underline h-auto text-wrap font-medium focus-visible:ring-0 bg-destructive text-destructive-foreground hover:bg-destructive-300" title="Income tax">Income tax</a>聽 </div><h2 class="text-lg font-bold pt-5">Benefits of Taxes</h2><p class="text-base ">The purpose of taxes is to provide the government with funds for spending without inflation. Taxes are used by the government for a variety of purposes, some of which are:</p><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">Funding of public infrastructure</li><li class="pt-1 pb-1">Development and welfare projects</li><li class="pt-1 pb-1">Defense expenditure</li><li class="pt-1 pb-1">Scientific research</li><li class="pt-1 pb-1">Public insurance</li><li class="pt-1 pb-1">Salaries of state and government employees</li><li class="pt-1 pb-1">Operation of the government</li><li class="pt-1 pb-1">Public transportation</li><li class="pt-1 pb-1">Unemployment benefits</li><li class="pt-1 pb-1"><a href="/life-insurance/pension-plans/top-10-pension-plans.html" target="_blank">Pension schemes</a></li><li class="pt-1 pb-1">Law enforcement</li><li class="pt-1 pb-1">Public health</li><li class="pt-1 pb-1">Public education</li><li class="pt-1 pb-1">Public utilities such as water, energy, and waste management systems</li></ol><p class="text-base ">Tax is levied on a wide range of income stemming from salary, profits from business, property rental, etc. There are also<a href="/tax/wealth-tax.html" target="_blank"> wealth taxes</a>, sales taxes, property taxes, payroll taxes, <a href="https://www.bankbazaar.com/tax/value-added-tax.html" target="_blank">value-added taxes</a> (VAT), <a href="/tax/service-tax.html" target="_blank">service taxes</a>, etc.</p><h2 class="text-lg font-bold pt-5">Advantages of Paying Taxes</h2><p class="text-base ">It is compulsory and beneficial for anyone who earns a taxable salary (which is one that exceeds the basic exemption limit) to file their <a href="https://www.bankbazaar.com/tax/income-tax-return.html" target="_blank" rel="noreferrer noopener">income tax returns</a>. This is the case even if the tax liability is zero after deductions.聽However, even if your income is less than the basic exemption limit, there are advantages to filing taxes. Here are some of the benefits of paying your taxes on time:聽</p><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Loan approvals</strong><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">When applying for a loan, especially <a href="https://www.bankbazaar.com/home-loan.html" target="_blank" rel="noreferrer noopener">home loans,</a> vehicle loans, etc., major banks can request a copy of your income tax returns. This can be ITR from the last two to three years.聽</li><li class="pt-1 pb-1">Having ITR can even help to get a higher loan amount or to get your loan application reconsidered in case it was rejected at first. This is because banks calculate your ability to repay the loan based on your income. </li><li class="pt-1 pb-1">Income tax returns provide a clear picture of the income and the taxes that were paid on it in the previous years. </li></ol></li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Visa applications</strong><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">Many foreign consulates require you to furnish your income tax returns from the previous years during the visa interview. </li><li class="pt-1 pb-1">While for some the most recent one will be sufficient, others require up to two to three years' worth of returns to be furnished. </li><li class="pt-1 pb-1">This is mandatory for the UK, US, Europe, and Canada, but not so much for South East Asian countries and the Middle East.</li><li class="pt-1 pb-1">This is because income tax returns are a proof that you are not trying to leave the country to evade taxes. </li><li class="pt-1 pb-1">Even when travelling abroad for leisure or business, it is always prudent to carry your ITR receipts as this will come in handy in the case of any emergency when you have to seek the help of a consulate. </li></ol></li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Self-employed individuals</strong><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong></strong>Freelancers, consultants, entrepreneurs, and partners of firms are not eligible for the <a href="/tax/form-16.html" target="_blank">Form 16</a>. If their annual income exceeds the basic exemption limit, then ITR receipts can be furnished as proof of income. It is also proof of taxes paid. This will come in handy during any financial or business transaction.</li></ol></li><li class="pt-1 pb-1"><strong>Government tenders</strong><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">This depends on the individual government department with no specific strict rules, yet ITR receipts are sometimes requested to be furnished when applying for any government tenders. This is to ensure that you have sufficient income and can support the payment obligations.</li></ol></li><li class="pt-1 pb-1"><strong>Carrying forward of losses</strong><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">Short-term or long-term capital losses are usually carried forward to be adjusted against the capital gains made in the subsequent years. </li><li class="pt-1 pb-1"><strong>For example</strong>, the long-term capital loss of one year can be carried forward for up to 8 consecutive years that immediately succeed the year in which the loss had occurred.</li><li class="pt-1 pb-1">However, a long-term capital loss can be adjusted only against a short-term capital gain of that year.</li><li class="pt-1 pb-1"> <a href="/tax/short-term-capital-gain.html" target="_blank">Short-term capital gains</a>, however, can be adjusted against both short-term and long-term gains. However, this can only be availed if income tax returns have been filed.</li></ol></li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Claiming tax refunds</strong><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong></strong>Any refunds that are due from the IT Department can only be claimed if income tax returns have been filed. </li><li class="pt-1 pb-1">Even if income is below the tax exemption bracket, there could be refunds from different savings instruments that can be claimed if ITRs are filed. </li><li class="pt-1 pb-1">An example is <a href="/fixed-deposit-rate.html" target="_blank">fixed deposits</a>, on which there is tax deducted at source at 10%.</li></ol></li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><a href="https://www.bankbazaar.com/insurance/life-insurance.html" target="_blank">High-cover life insurance</a><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong></strong>Life cover or a <a href="/insurance/term-insurance.html" target="_blank">Term Policy </a>with sum insured that ranges from Rs.50 lakh to Rs.1 crore can be availed only by furnishing income tax returns which helps in the verification of annual income. </li><li class="pt-1 pb-1">Such a high insurance cover is only given when there is a high income for which income tax return receipts are necessary.</li></ol></li></ol><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Compensation</strong><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">For self-employed individuals, ITR receipts may have to be furnished in order to claim compensation in the event of a motor vehicle accident that results in a disability or accidental death. This is because, in order to arrive at the appropriate compensation, income of the person is to be established first.</li></ol></li></ol><div class="mb-2.5 py-1"><div class="grid grid-cols-12 gap-2.5"><div class=" lg:col-span-12 md:col-span-12 col-span-12"><div class="border bg-transparent hover:bg-transparent"><details name="accordion" class="px-2.5 py-2.5"><summary class="cursor-pointer block relative"><strong>Related Articles on Tax <span class="accordion-arrow absolute right-2.5"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-chevron-down"><path d="m6 9 6 6 6-6"></path></svg></span></strong></summary><div class="py-2.5"><ol class="list-disc list-outside ml-4 mr-4 columns-3"><li class=""><a href="/income-tax.html" title="Income Tax" target="_black">Income Tax</a></li><li class=""><a href="/tax/income-tax-act.html" title="Income Tax Act" target="_black">Income Tax Act</a></li><li class=""><a href="/tax/income-tax-slabs.html" title="Income Tax Slabs" target="_black">Income Tax Slabs</a></li><li class=""><a href="/tax/efiling-income-tax.html" title="Efiling Income Tax" target="_black">Efiling Income Tax</a></li><li class=""><a href="/tax/income-tax-return.html" title="Income Tax Return" target="_black">Income Tax Return</a></li><li class=""><a href="/tax/how-calculate-income-tax-on-salary-with-example.html" title="How to calculate Income Tax on Salary" target="_black">How to calculate Income Tax on Salary</a></li><li class=""><a href="/tax/online-tax-payment.html" title="Online Tax Payment" target="_black">Online Tax Payment</a></li><li class=""><a href="/tax/income-tax-refund.html" title="Income Tax Refund" target="_black">Income Tax Refund</a></li><li class=""><a href="/tax/income-tax-refund-status.html" title="Income Tax Refund Status" target="_black">Income Tax Refund Status</a></li><li class=""><a href="/tax/gratuity.html" title="Gratuity" target="_black">Gratuity</a></li><li class=""><a href="/tax/how-calculate-hra-from-basic-salary.html" title="How to Calculate HRA" target="_black">How to Calculate HRA</a></li><li class=""><a href="/tax/step-by-step-guide-efile-income-tax-return-online.html" title="Efiling Income Tax Return" target="_black">Efiling Income Tax Return</a></li><li class=""><a href="/tax/gst.html" title="GST" target="_black">GST</a></li><li class=""><a href="/tax/7th-pay-commission.html" title="7th Pay Commission" target="_black">7th Pay Commission</a></li><li class=""><a href="/tax/all-about-tds.html" title="TDS" target="_black">TDS</a></li></ol></div></details></div></div></div></div><div data-inline-ad-position="HUNGRY_FOR_MORE"></div><h2 class="text-lg font-bold pt-5">Income Tax Deductions</h2><p class="text-base ">People who earn more than Rs.3 lakhs in taxable income must pay income tax based on their applicable tax bracket. The amount of income tax that must be paid by the individual can be decreased, nevertheless, through the employment of a few tax-saving strategies. <br/><a href="/mutual-fund/equity-linked-savings-scheme.html" target="_blank">ELSS</a>, <a href="/mutual-fund.html" target="_blank">mutual funds</a>, <a href="/saving-schemes/ppf.html" target="_blank">PPF</a>, <a href="/saving-schemes/epf.html" target="_blank">EPF</a>, tax-saving fixed deposits, post office savings plans,<a href="/insurance/life-insurance.html" target="_blank"> life insurance</a>, <a href="/insurance/health-insurance.html" target="_blank">health insurance</a>, and other investments are examples of such deductible expenses. Most of these expenses are eligible for deductibility under sections 80C and 80D of the 1961 Income Tax Act.聽</p><h2 class="text-lg font-bold pt-5">Income Tax Refund</h2><p class="text-base ">Individuals, whether salaried or self-employed, are expected to submit their income tax returns, or ITR, after the end of each financial year. Depending on whether the person filing the ITR is salaried or self-employed, this document offers a snapshot of the taxpayer's annual earnings from various sources, tax savings investments/expenditures, total tax liability, <a href="/tax/all-about-tds.html" target="_blank">TDS</a>/advance tax paid, and some other data. <br/>Before distributing refunds or asking for justifications from the assessee, the assessing officer verifies the integrity of the ITR filed after the Income Tax Department issues an acknowledgement number.</p><div class="text-center mt-4 mb-4"><a href="https://www.bankbazaar.com/credit-score.html?variant=slide&WT.mc_id=CROSS_SELL_IL_INCOME_TAX_BUTTON_11847&utm_source=bb&utm_medium=seo&utm_campaign=CROSS_SELL_IL_INCOME_TAX_BUTTON_11847" class="inline-flex items-center justify-center whitespace-nowrap rounded-md text-sm ring-offset-white transition-colors focus-visible:outline-none focus-visible:ring-slate-950 focus-visible:ring-offset-2 disabled:pointer-events-none disabled:opacity-50 dark:ring-offset-slate-950 dark:focus-visible:ring-slate-300 dark:bg-slate-50 dark:text-slate-900 dark:hover:bg-slate-50/90 px-4 py-2 minW-auto no-underline h-auto text-wrap font-medium focus-visible:ring-0 bg-destructive text-destructive-foreground hover:bg-destructive-300" title="Check Your Credit Score for FREE">Check Your Credit Score for FREE</a></div><h2 class="text-lg font-bold pt-5">Income Tax Assessee</h2><p class="text-base ">An individual who is liable to pay taxes and is categorized in the payable <a href="/tax/income-tax-slabs.html" target="_blank">income tax slab</a> is known as an income tax assessee. An individual who earns a regular income is exempted from paying tax if his or her annual income is less than the limit determined by the government from time to time.聽</p><h2 class="text-lg font-bold pt-5">Income Tax Slabs</h2><p class="text-base ">The tax payable to the government varies from individual to individual. This is because the higher you income is, the higher amount of tax you need to pay. The government utilises <a href="/tax/income-tax-slabs.html" target="_blank">income tax slabs</a> to calculate the rate at which each individual tax assesses is obligated to pay income tax in order to guarantee that tax rates and laws are equitable rather than uniform.</p><h2 class="text-lg font-bold pt-5">Tax Deducted at Source</h2><p class="text-base ">Tax Deducted at Source, also known as <a href="/tax/all-about-tds.html" target="_blank">TDS</a>, is one of the most common ways for tax deductions by the government from a salaried person. The provision of interest on fixed deposits is another situation where TDS is present. However, after submitting an Income Tax Return (ITR), the tax assessee is also eligible for a refund in this instance.</p><div class="text-center mt-4 mb-4"><a href="https://www.bankbazaar.com/credit-score.html?variant=slide&WT.mc_id=CROSS_SELL_IL_INCOME_TAX_BUTTON_11847&utm_source=bb&utm_medium=seo&utm_campaign=CROSS_SELL_IL_INCOME_TAX_BUTTON_11847" class="inline-flex items-center justify-center whitespace-nowrap rounded-md text-sm ring-offset-white transition-colors focus-visible:outline-none focus-visible:ring-slate-950 focus-visible:ring-offset-2 disabled:pointer-events-none disabled:opacity-50 dark:ring-offset-slate-950 dark:focus-visible:ring-slate-300 dark:bg-slate-50 dark:text-slate-900 dark:hover:bg-slate-50/90 px-4 py-2 minW-auto no-underline h-auto text-wrap font-medium focus-visible:ring-0 bg-destructive text-destructive-foreground hover:bg-destructive-300" title="Check Your Credit Score for FREE">Check Your Credit Score for FREE</a></div><h2 class="text-lg font-bold pt-5">How is Tax Calculated?</h2><p class="text-base ">To know the amount of tax that must be paid (<a href="/tax/how-calculate-income-tax-on-salary-with-example.html" target="_blank">calculate your tax</a>), you will have to add your income from salary, income from capital gains, profits or gains from profession or business, income from house property, and income from other sources, which will give you your gross total income.</p><p class="text-base ">In case you opt for the old tax regime, deductions under <a href="/tax/deductions-under-80c.html" target="_blank">Section 80C</a> to <a href="/tax/section-80u.html" target="_blank">Section 80U</a>, which will give you your total income, will need to be taken into account. Next, any rebate will need to be deducted. Add surcharge and cess to know the amount of tax that must be paid.</p><h2 class="text-lg font-bold pt-5">Recent Reforms in Taxes</h2><p class="text-base ">In 2017, the <a href="/tax/gst.html" target="_blank">Goods and Services Tax</a> (GST) was introduced by the Indian government which is known to be the most revolutionary tax reform in the country till date. Before the introduction of GST, both Central and State Governments used to levy central as well as state taxes to avail different services or purchasing different goods.</p><p class="text-base ">The main issue with the previous reforms was the taxation process used to be complex. A bigger proportion of assessees were brought under taxation after the implementation of GST, which had a negative impact on tax evaders since it became more difficult to do so.</p><h2 class="text-lg font-bold pt-5">Tax Evasion Laws and Implications</h2><p class="text-base ">Different acts based on taxation have been introduced by the Indian government and people need lto abide by these rules. In case an individual fail to pay taxes, they will be charged a penalty. Given below are some of the sections related to the taxation laws and penalties for non-compliance:</p><ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Section 140A (1)</strong>: If an assesse fails to pay tax, he or she will be considered as a defaulter. In case of non payment of tax, the assessing officer may levy fine equal to the arrear according to Section 221 (1).</li><li class="pt-1 pb-1"><strong>Section 271 (C)</strong>: If an assess does not reveal his or her actual earning, the IT department will impose fine of 100% to 300%.</li><li class="pt-1 pb-1"><strong>Section 142 (1) and 143 (2)</strong>: Under Section 142 (1) and 143 (2), the Income Tax department will send a tax notice to the defaulter. In case the defaulting person fails to respond to the tax notice, the assessing officer may ask the assessee to file return.</li></ol><div class="rounded-lg border border-slate-200 text-slate-950 shadow-sm dark:border-slate-800 dark:bg-slate-950 dark:text-slate-50 relative bg-destructive-light"><div class="p-2.5"><h3 class="text-md font-bold pt-1">Penalty for not Paying Taxes</h3> <ol class="list-disc list-outside ml-4 mr-4 "><li class="pt-1 pb-1">The government can impose penalties of varying degrees on any individual or legal entity that evades taxes. </li><li class="pt-1 pb-1">The penalty is dependent on the category of the tax that has not been paid. </li><li class="pt-1 pb-1">This means that the amount that is owed as taxes should be paid and in addition to that, the fine as well as its interest is to be paid as the penalty.</li></ol></div></div><div class="text-center mt-4 mb-4"><a href="https://www.bankbazaar.com/credit-score.html?variant=slide&WT.mc_id=CROSS_SELL_IL_INCOME_TAX_FAQ_BUTTON_11847&utm_source=bb&utm_medium=seo&utm_campaign=CROSS_SELL_IL_INCOME_TAX_FAQ_BUTTON_11847" class="inline-flex items-center justify-center whitespace-nowrap rounded-md text-sm ring-offset-white transition-colors focus-visible:outline-none focus-visible:ring-slate-950 focus-visible:ring-offset-2 disabled:pointer-events-none disabled:opacity-50 dark:ring-offset-slate-950 dark:focus-visible:ring-slate-300 dark:bg-slate-50 dark:text-slate-900 dark:hover:bg-slate-50/90 px-4 py-2 minW-auto no-underline h-auto text-wrap font-medium focus-visible:ring-0 bg-destructive text-destructive-foreground hover:bg-destructive-300" title="Check Your Credit Score for FREE">Check Your Credit Score for FREE</a></div></div><h2 class="text-lg font-bold pt-4">FAQs on Tax in India</h2><ul class="list-decimal list-outside ml-4 mr-4 "><li class="pt-1 pb-1"><strong>Who decides the rate of tax in India?</strong><p class="text-base ">The Government of India has the right in determining tax rates. However, a number of departments and organizations advise and direct the government's implementation of tax rates and taxes. The GST Council and the CBDT (Central Board of Direct Taxes) are two of the more significant ones.聽</p></li><li class="pt-1 pb-1"><strong>Why do government impose tax?</strong><p class="text-base ">Taxes like the income tax and the goods and services tax (GST) are primarily imposed to generate money. Following that, this money is used for things like funding public welfare programs, maintaining public infrastructures like roads and utilities, and more.聽</p></li><li class="pt-1 pb-1"><strong>How do I know how much income tax I should pay?</strong><p class="text-base ">The amount of income tax that must be paid will depend on the tax slab that you fall under. You can visit official income tax website to find out the different tax slabs.</p></li><li class="pt-1 pb-1"><strong>What is the difference between taxable income and exempt income?</strong><p class="text-base ">Taxable income is that which is chargeable for tax. Exempt income is income which is granted exemption from tax by the Income Tax Department.</p></li><li class="pt-1 pb-1"><strong>What should be kept in mind when filling up the ITR form or challan?</strong><p class="text-base ">The details should be clearly mentioned in challan are Amount of tax, Mode of payment of tax, Head of payment, Assessment year, PAN, Type of payment.</p></li><li class="pt-1 pb-1"><strong>What is the meaning of 'Profession' as defined under the Income Tax Act?</strong><p class="text-base ">Profession refers to vocation or the use of one's technical knowledge and skills on an independent basis. Some examples of professional fields are Engineering, Medical, Legal, Accountancy, Architecture, Interior decoration, Technical consultancy, Writers and Artists.</p></li><li class="pt-1 pb-1"><strong>Is there any way that the tax that must be paid can be reduced?</strong><p class="text-base ">Some of the ways are making contributions to charity, claiming deductions on the interest that is paid on home loans, purchasing health insurance policies, and investing in schemes under Section 80C of the Income Tax Act.</p></li><li class="pt-1 pb-1"><strong>Should a record of all earnings made be maintained?</strong><p class="text-base ">You are required to maintain records and proof of earning for all the income earned by you as prescribed by the Income Tax Act. In case there are no records prescribed, then you should maintain any kind of reasonable record that can support your income claims.</p></li><li class="pt-1 pb-1"><strong>For how long should the books of accounts of a business be maintained?</strong><p class="text-base ">From the end of the relevant year, the books of accounts should be maintained for a maximum of 7 financial years or a minimum of 6 years from the end of the Assessment Year.</p></li><li class="pt-1 pb-1"><strong>What is the difference between assessment year and financial year?</strong><p class="text-base ">The year in which you earn an income is the assessment year. The year following the assessment year, in which the income is evaluated, is called the financial year.</p></li><li class="pt-1 pb-1"><strong>What are the different ways in which income tax returns can be filed?</strong><p class="text-base ">There are basically four different ways in which you can file your income tax returns. They are Electronic transmission of data under the electronic verification code and afterwards submission of verification in Return Form ITR-V, Paper form and Electronic returns with digital signature.</p></li><li class="pt-1 pb-1"><strong>How are excess taxes refunded?</strong><p class="text-base ">To claim refunds on excess taxes paid, you will first have to file your income tax returns. They will be credited to your bank account through the Electronic Clearing System (ECS) facility.</p></li><li class="pt-1 pb-1"><strong>What are the different heads under which taxpayers are taxed?</strong><p class="text-base ">Income tax payers are taxed on 5 heads under Section 14 of theIncome Tax Act, 1961. They are Income from salary, profits and gains of profession or business, house property, capital gains, other sources.</p></li><li class="pt-1 pb-1"><strong>What differentiates gross total income from total taxable income?</strong><p class="text-base ">Gross total income is basically the sum of your income from salary, income from capital gains, profits or gains from profession or business, income from house property and income from other sources. It is the amount of money you have earned totally from all your sources of income. Your total income is basically your gross total income minus deductions under Section 80C to Section 80U.</p></li><li class="pt-1 pb-1"><strong>How much income should I earn to pay tax?</strong><p class="text-base ">Individuals who are under 60 years of age will be subject to income tax if they earn an income in excess of Rs.2.5 lakh. Indian residents who are above 60 years of age but under 80 will be taxed if they earn more than Rs.3 lakh per annum, while those who are above 80 years of age will have to pay tax if they earn in excess of Rs.5 lakh per year.</p></li><li class="pt-1 pb-1"><strong>What is a progressive tax and which tax in India is progressive?</strong><p class="text-base ">A tax system where the rate of relevant tax rises as the taxable amount rises is the best way to describe a progressive tax. This is valid for income tax in India, where the tax rate, known as the income tax slab rate, rises in proportion to the taxpayer's income.聽</p></li><li class="pt-1 pb-1"><strong>Does everyone have to pay tax?</strong><p class="text-base ">Yes, everyone has to pay tax if he or she is eligible under the tax slab.</p></li></ul><script type="application/ld+json" data-testid="faq-json-ld">{"@context":"https://schema.org","@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Who decides the rate of tax in India?","acceptedAnswer":{"@type":"Answer","text":"The Government of India has the right in determining tax rates. However, a number of departments and organizations advise and direct the government's implementation of tax rates and taxes. The GST Council and the CBDT (Central Board of Direct Taxes) are two of the more significant ones. ."}},{"@type":"Question","name":"Why do government impose tax?","acceptedAnswer":{"@type":"Answer","text":"Taxes like the income tax and the goods and services tax (GST) are primarily imposed to generate money. Following that, this money is used for things like funding public welfare programs, maintaining public infrastructures like roads and utilities, and more. ."}},{"@type":"Question","name":"How do I know how much income tax I should pay?","acceptedAnswer":{"@type":"Answer","text":"The amount of income tax that must be paid will depend on the tax slab that you fall under. You can visit official income tax website to find out the different tax slabs. ."}},{"@type":"Question","name":"What is the difference between taxable income and exempt income?","acceptedAnswer":{"@type":"Answer","text":"Taxable income is that which is chargeable for tax. 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This initiative will ensure paper-less workflow in the next two years.</p><div class="text-end px-2.5 py-1">23 July 2024</div></div></div></div><div class="mb-xl"><div class="rounded-lg border border-slate-200 bg-white text-slate-950 shadow-sm dark:border-slate-800 dark:bg-slate-950 dark:text-slate-50 relative"><div class="flex flex-col space-y-1.5 p-4 bg-secondary text-secondary-foreground"><h3 class="font-semibold tracking-tight text-md text-bold">Interim Union Budget 2024: Tax receipts</h3></div><div class="p-2.5"><p class="text-base ">For the year 2024-25, the total tax receipts are estimated at Rs.30.80 crore and Rs.47 lakh crore (except for total expenditure and borrowings). For the year 2023-24, out of the total expenditure of Rs. 44.90 lakh crore, revenue receipts are expected to be higher than the Budget estimates at Rs. 30.03 lakh crore.</p><div class="text-end px-2.5 py-1">1 February 2024</div></div></div></div></div><script type="application/ld+json" data-testid="organization-json-ld">{"@context":"http://schema.org","@type":"Organization","name":"BankBazaar","url":"https://www.bankbazaar.com/","logo":"https://static.bankbazaar.com/images/bankbazaar-logo.png","sameAs":["https://www.facebook.com/bankbazaar/","https://twitter.com/bankbazaar","https://www.instagram.com/bankbazaar/","https://www.linkedin.com/company/417362/","https://www.youtube.com/@BankBazaar","https://in.linkedin.com/company/bank_bazaar"]}</script></div></div></div></div></div><div class="py-5"><div class="border bg-transparent hover:bg-transparent"><details name="accordion" class="px-2.5 py-2.5"><summary class="cursor-pointer block relative"><strong>Disclaimer <span class="accordion-arrow absolute right-2.5"><svg xmlns="http://www.w3.org/2000/svg" width="24" height="24" viewBox="0 0 24 24" fill="none" stroke="currentColor" stroke-width="2" stroke-linecap="round" stroke-linejoin="round" class="lucide lucide-chevron-down"><path d="m6 9 6 6 6-6"></path></svg></span></strong></summary><div class="py-2.5">Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. 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{"basename":"/","future":{"v3_fetcherPersist":true,"v3_relativeSplatPath":true,"v3_throwAbortReason":true,"unstable_singleFetch":false,"unstable_lazyRouteDiscovery":false,"unstable_optimizeDeps":false},"isSpaMode":false,"state":{"loaderData":{"root":{"namespace":"tax","gtmId":"GTM-TRB8XL","wenEngageId":"~13410604b","appshell":true},"routes/default/route":{"productType":"ALL","categoryType":"INCOME_TAX","bankId":1001,"pageData":{"id":11847,"showDateOn":{"hungryForMore":false},"faqs":{"items":[{"answer":[{"data":{"text":"The Government of India has the right in determining tax rates. However, a number of departments and organizations advise and direct the government's implementation of tax rates and taxes. The GST Council and the CBDT (Central Board of Direct Taxes) are two of the more significant ones.\u0026nbsp;"},"type":"paragraph"}],"question":"Who decides the rate of tax in India?"},{"answer":[{"data":{"text":"Taxes like the income tax and the goods and services tax (GST) are primarily imposed to generate money. Following that, this money is used for things like funding public welfare programs, maintaining public infrastructures like roads and utilities, and more.\u0026nbsp;"},"type":"paragraph"}],"question":"Why do government impose tax?"},{"answer":[{"type":"paragraph","data":{"text":"The amount of income tax that must be paid will depend on the tax slab that you fall under. You can visit official income tax website to find out the different tax slabs. "}}],"question":"How do I know how much income tax I should pay?"},{"answer":[{"data":{"text":"Taxable income is that which is chargeable for tax. Exempt income is income which is granted exemption from tax by the Income Tax Department."},"type":"paragraph"}],"question":"What is the difference between taxable income and exempt income?"},{"answer":[{"data":{"text":"The details should be clearly mentioned in challan are Amount of tax, Mode of payment of tax, Head of payment, Assessment year, PAN, Type of payment."},"type":"paragraph"}],"question":"What should be kept in mind when filling up the ITR form or challan?"},{"answer":[{"data":{"text":"Profession refers to vocation or the use of one's technical knowledge and skills on an independent basis. Some examples of professional fields are Engineering, Medical, Legal, Accountancy, Architecture, Interior decoration, Technical consultancy, Writers and Artists."},"type":"paragraph"}],"question":"What is the meaning of 'Profession' as defined under the Income Tax Act?"},{"answer":[{"type":"paragraph","data":{"text":"Some of the ways are making contributions to charity, claiming deductions on the interest that is paid on home loans, purchasing health insurance policies, and investing in schemes under Section 80C of the Income Tax Act."}}],"question":"Is there any way that the tax that must be paid can be reduced?"},{"answer":[{"data":{"text":"You are required to maintain records and proof of earning for all the income earned by you as prescribed by the Income Tax Act. In case there are no records prescribed, then you should maintain any kind of reasonable record that can support your income claims."},"type":"paragraph"}],"question":"Should a record of all earnings made be maintained?"},{"answer":[{"data":{"text":"From the end of the relevant year, the books of accounts should be maintained for a maximum of 7 financial years or a minimum of 6 years from the end of the Assessment Year."},"type":"paragraph"}],"question":"For how long should the books of accounts of a business be maintained?"},{"answer":[{"data":{"text":"The year in which you earn an income is the assessment year. The year following the assessment year, in which the income is evaluated, is called the financial year."},"type":"paragraph"}],"question":"What is the difference between assessment year and financial year?"},{"answer":[{"data":{"text":"There are basically four different ways in which you can file your income tax returns. They are Electronic transmission of data under the electronic verification code and afterwards submission of verification in Return Form ITR-V, Paper form and Electronic returns with digital signature."},"type":"paragraph"}],"question":"What are the different ways in which income tax returns can be filed?"},{"answer":[{"data":{"text":"To claim refunds on excess taxes paid, you will first have to file your income tax returns. They will be credited to your bank account through the Electronic Clearing System (ECS) facility."},"type":"paragraph"}],"question":"How are excess taxes refunded?"},{"answer":[{"data":{"text":"Income tax payers are taxed on 5 heads under Section 14 of theIncome Tax Act, 1961. They are Income from salary, profits and gains of profession or business, house property, capital gains, other sources."},"type":"paragraph"}],"question":"What are the different heads under which taxpayers are taxed?"},{"answer":[{"data":{"text":"Gross total income is basically the sum of your income from salary, income from capital gains, profits or gains from profession or business, income from house property and income from other sources. It is the amount of money you have earned totally from all your sources of income. Your total income is basically your gross total income minus deductions under Section 80C to Section 80U."},"type":"paragraph"}],"question":"What differentiates gross total income from total taxable income?"},{"answer":[{"data":{"text":"Individuals who are under 60 years of age will be subject to income tax if they earn an income in excess of Rs.2.5 lakh. Indian residents who are above 60 years of age but under 80 will be taxed if they earn more than Rs.3 lakh per annum, while those who are above 80 years of age will have to pay tax if they earn in excess of Rs.5 lakh per year."},"type":"paragraph"}],"question":"How much income should I earn to pay tax?"},{"answer":[{"data":{"text":"A tax system where the rate of relevant tax rises as the taxable amount rises is the best way to describe a progressive tax. This is valid for income tax in India, where the tax rate, known as the income tax slab rate, rises in proportion to the taxpayer's income.\u0026nbsp;"},"type":"paragraph"}],"question":"What is a progressive tax and which tax in India is progressive?"},{"answer":[{"type":"paragraph","data":{"text":"Yes, everyone has to pay tax if he or she is eligible under the tax slab."}}],"question":"Does everyone have to pay tax?"}],"title":"FAQs on Tax in India"},"breadCrumb":{"currentPageText":"Tax"},"hideOfferTable":true,"news":{"items":[{"updatedOn":"2024-07-23","article":[{"data":{"text":"Finance Minister, Nirmala Sitharaman, has announced that digitalisation will be done for all major taxpayer services, such as GST (Goods and Services Tax), Customs and Income Tax, remaining services of Customs and Income Tax including rectification and order giving effect to appellate orders. This initiative will ensure paper-less workflow in the next two years."},"type":"paragraph"}],"title":"Union Budget 2024: Digitalisation of major taxpayer services"},{"title":"Interim Union Budget 2024: Tax receipts","article":[{"type":"paragraph","data":{"text":"For the year 2024-25, the total tax receipts are estimated at Rs.30.80 crore and Rs.47 lakh crore (except for total expenditure and borrowings). For the year 2023-24, out of the total expenditure of Rs. 44.90 lakh crore, revenue receipts are expected to be higher than the Budget estimates at Rs. 30.03 lakh crore."}}],"updatedOn":"2024-02-01"}],"title":"News on Tax"},"hungryForMore":[{"type":"cta","data":{"linkText":"Check Your Credit Score for FREE","link":"https://www.bankbazaar.com/credit-score.html?variant=slide\u0026WT.mc_id=CROSS_SELL_IL_INCOME_TAX_BUTTON_11847\u0026utm_source=bb\u0026utm_medium=seo\u0026utm_campaign=CROSS_SELL_IL_INCOME_TAX_BUTTON_11847"}},{"type":"header","data":{"text":"What is Tax?","level":2}},{"type":"paragraph","data":{"text":"\u003cstrong\u003eTaxes \u003c/strong\u003eare levied by governments on their citizens \u003cstrong\u003eto generate income for undertaking projects to boost the economy of the country\u003c/strong\u003e and to raise the standard of living of its citizens."}},{"type":"header","data":{"text":"Different Types of Taxes in India","level":3}},{"type":"paragraph","data":{"text":"There are two main categories of taxes, which are further sub-divided into other categories."}},{"type":"list","data":{"style":"ordered","items":[{"content":"\u003cstrong\u003eDirect Tax\u003c/strong\u003e","items":[]},{"content":"\u003cstrong\u003eIndirect Tax\u003c/strong\u003e","items":[]}]}},{"type":"paragraph","data":{"text":"There are also minor cess taxes that fall into different sub-categories. Within the \u003ca href=\"/tax/income-tax-act.html\" target=\"_blank\"\u003eIncome Tax Act\u003c/a\u003e, there are different acts that govern these taxes."}},{"type":"header","data":{"text":"1. Direct Tax ","level":4}},{"type":"paragraph","data":{"text":"\u003ca href=\"tax/direct-tax.html\" target=\"_blank\"\u003eDirect tax\u003c/a\u003e is tax that are to be paid directly to the government by the individual or legal entity. Direct taxes are overlooked by the Central Board of Direct Taxes (CBDT). Direct taxes cannot be transferred to any other individual or legal entity."}},{"type":"cta","data":{"linkText":"Check Your Credit Score for FREE","link":"https://www.bankbazaar.com/credit-score.html?variant=slide\u0026WT.mc_id=CROSS_SELL_IL_INCOME_TAX_BUTTON_11847\u0026utm_source=bb\u0026utm_medium=seo\u0026utm_campaign=CROSS_SELL_IL_INCOME_TAX_BUTTON_11847"}},{"type":"header","data":{"text":"Sub-categories of Direct Taxes","level":4}},{"type":"paragraph","data":{"text":"The following are the sub-categories of direct taxes:"}},{"type":"list","data":{"style":"unordered","items":[{"content":"\u003cstrong\u003eIncome Tax\u003c/strong\u003e","items":[{"content":"\u003cstrong\u003e\u003c/strong\u003eThis is the tax that is levied on the annual income or the profits which is directly paid to the government. ","items":[]},{"content":"Everyone who earns any kind of income is liable to pay income tax.","items":[]},{"content":"There are different \u003ca href=\"/tax/income-tax-slabs.html\" target=\"_blank\"\u003etax slabs\u003c/a\u003e for different income amounts. Apart from individuals, legal entities are also liable to pay taxes. ","items":[]},{"content":"These include all Artificial Judicial Persons, Hindu Undivided Family (HUF), Body of Individuals (BOI), Association of Persons (AOP), companies, local firms, and local authorities.","items":[]}]},{"content":"\u003cstrong\u003eCapital Gains\u003c/strong\u003e","items":[{"content":"\u003cstrong\u003e\u003c/strong\u003e\u003ca href=\"/tax/capital-gains-tax.html\" target=\"_blank\"\u003eCapital gains tax\u003c/a\u003e is levied on the sale of a property or money received through an investment. It could be from either short-term or \u003ca href=\"/tax/long-term-capital-gains.html\" target=\"_blank\"\u003elong-term capital gains\u003c/a\u003e from an investment. This includes all exchanges made in kind that is weighed against its value.","items":[]}]},{"content":"\u003cstrong\u003eSecurities Transaction Tax\u003c/strong\u003e","items":[{"content":"\u003cstrong\u003e \u003c/strong\u003e\u003ca href=\"/tax/securities-transaction-tax.html\" target=\"_blank\"\u003eSTT\u003c/a\u003e is levied on stock market and securities trading.\u0026nbsp;The tax is levied on the price of the share as well as securities traded on the Indian Stock Exchange (ISE).","items":[]}]},{"content":"\u003cstrong\u003ePrerequisite Tax\u003c/strong\u003e","items":[{"content":"\u003cstrong\u003e\u003c/strong\u003eThese are taxes that are levied on the different benefits and perks that are provided by a company to its employees.","items":[]}]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"\u003cstrong\u003eCorporate Tax\u003c/strong\u003e\u003cbr\u003eThe income tax paid by a company is defined as the\u0026nbsp;\u003ca href=\"/tax/corporate-tax.html\" target=\"_blank\"\u003ecorporate tax\u003c/a\u003e. It is based on the different slabs that the revenue falls under. The sub-categories of corporate taxes are as follows:\u0026nbsp;\u0026nbsp;\u003cbr\u003e","items":[{"content":"\u003cstrong\u003eDividend Distribution Tax\u003c/strong\u003e (\u003ca href=\"/tax/dividend-distribution-tax.html\" target=\"_blank\"\u003eDDT\u003c/a\u003e)","items":[{"content":"This tax is levied on the dividends that companies pay to the investors. It applies to the net or gross income that an investor receives from the investment.","items":[]}]},{"content":"\u003cstrong\u003eFringe Benefit Tax\u003c/strong\u003e (FBT)","items":[{"content":"\u0026nbsp; This is tax levied on the fringe benefits that an employee receives from the company. This includes expenses related to accommodation, transportation,\u0026nbsp;\u003ca href=\"/tax/leave-travel-allowance.html\" target=\"_blank\"\u003eleave travel allowance\u003c/a\u003e, entertainment, retirement fund contribution by the employee, employee welfare, Employee Stock Ownership Plan (ESOP), etc.\u0026nbsp; \u0026nbsp;","items":[]}]},{"content":"\u003cstrong\u003eMinimum Alternative Tax\u003c/strong\u003e (\u003ca href=\"/tax/minimum-alternate-tax.html\" target=\"_blank\"\u003eMAT\u003c/a\u003e)","items":[{"content":"Companies pay the IT Department through MAT which is governed by Section 115JA of the IT Act. Companies that are exempt from MAT are those that are in the power and infrastructure sectors.","items":[]}]}]}]}},{"type":"header","data":{"text":"2. Indirect Tax","level":4}},{"type":"paragraph","data":{"text":"Taxes that are levied on services and products are called \u003ca href=\"/tax/indirect-tax.html\" target=\"_blank\"\u003eindirect tax\u003c/a\u003e. Indirect taxes are collected by the seller of the service or product. The tax is added to the price of the products and services. It increases the price of the product or service. There is only one indirect tax levied by the government currently. This is called \u003ca href=\"/tax/gst.html\" target=\"_blank\"\u003eGST\u003c/a\u003e or the Goods and Services Tax."}},{"type":"paragraph","data":{"text":"\u003cstrong\u003eGoods and Services Tax (GST)\u003c/strong\u003e"}},{"type":"paragraph","data":{"text":"\u003cstrong\u003e\u003c/strong\u003eThis is a consumption tax that is levied on the supply of services and goods in India. Every step of the production process of any goods or value-added services is subject to the imposition of GST. It is supposed to be refunded to the parties that are involved in the production process (and not the final consumer).\u0026nbsp;GST is classified into Central Goods and Services Tax (CGST), State Goods and Services Tax (SGST), and Intergrated Goods and Services Tax (IGST)."}},{"type":"list","data":{"style":"unordered","items":[{"content":"\u003cstrong\u003eCustoms Duty\u003c/strong\u003e","items":[{"content":"In case products have been imported from outside India, \u003ca href=\"/tax/custom-duty.html\" target=\"_blank\"\u003ecustoms duty\u003c/a\u003e is levied. The amount of tax that will be levied will depend on the product that has been imported.\u0026nbsp;","items":[]}]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"\u003cstrong\u003eExcise Duty\u003c/strong\u003e","items":[{"content":"The Tax is levied on goods or produced goods in India. The manufacturing company directly collects the tax.\u0026nbsp;","items":[]}]},{"content":"\u003cstrong\u003eService Tax\u003c/strong\u003e","items":[{"content":"\u003ca href=\"/tax/service-tax.html\" target=\"_blank\"\u003eService tax\u003c/a\u003e is charged on the company鈥檚 services. It is included in the product鈥檚 price and collection of the tax will depend on the type of service. Several paid services such as advertising, financial services, banking, consultancy, maintenance, healthcare, and telephone are covered under the tax.\u0026nbsp;","items":[]}]},{"content":"\u003cstrong\u003eSales Tax\u003c/strong\u003e","items":[{"content":"The tax that is charged to sell the product is \u003ca href=\"/sales-tax.html\" target=\"_blank\"\u003esales tax\u003c/a\u003e. The seller of the product is charged the tax. The different levels that are applicable under sales tax are Intra-State Level, Import/Export Sales, and Inter-State Sale.\u0026nbsp;","items":[]}]}]}},{"type":"cta","data":{"linkText":"Check Your Credit Score for FREE","link":"https://www.bankbazaar.com/credit-score.html?variant=slide\u0026WT.mc_id=CROSS_SELL_IL_INCOME_TAX_BUTTON_11847\u0026utm_source=bb\u0026utm_medium=seo\u0026utm_campaign=CROSS_SELL_IL_INCOME_TAX_BUTTON_11847"}},{"type":"header","data":{"text":"Other Taxes","level":4}},{"type":"paragraph","data":{"text":"Other taxes are minor revenue generators and are small cess taxes. The various sub-categories of other taxes are as follows:"}},{"type":"list","data":{"style":"unordered","items":[{"content":"\u003cstrong\u003eProperty tax: \u003c/strong\u003eThis is also called Real Estate Tax or Municipal Tax. Residential and commercial property owners are subject to property tax. It is used for the maintenance of some of the fundamental civil services. \u003ca href=\"/tax/property-tax.html\" target=\"_blank\"\u003eProperty tax\u003c/a\u003e is levied by the municipal bodies based in each city.","items":[]},{"content":"\u003cstrong\u003eProfessional tax: \u003c/strong\u003eThis employment tax is levied on those who practice a profession or earn a salaried income such as lawyers, chartered accountants, doctors, etc. This tax differs from state to state. Not all states levy \u003ca href=\"/tax/professional-tax.html\" target=\"_blank\"\u003eprofessional tax\u003c/a\u003e.","items":[]},{"content":"\u003cstrong\u003eEntertainment tax: \u003c/strong\u003eThis is tax that is levied on television series, movies, exhibitions, etc. The tax is levied on the gross collections from the earnings. \u003ca href=\"/tax/entertainment-tax.html\" target=\"_blank\"\u003eEntertainment tax\u003c/a\u003e also referred as amusement tax.","items":[]},{"content":"\u003cstrong\u003eRegistration fees, stamp duty, transfer tax: \u003c/strong\u003eThese are collected in addition to or as a supplement to property tax at the time of purchasing a property.","items":[]},{"content":"\u003cstrong\u003eEducation cess:\u003c/strong\u003e\u003ca href=\"/tax/education-cess.html\" target=\"_blank\"\u003e Education Cess \u003c/a\u003eis levied to fund the educational programs launched and maintained by the government of India.","items":[]},{"content":"\u003cstrong\u003eEntry tax: \u003c/strong\u003eThis is tax that is levied on the products or goods that enter a state, specifically through e-commerce establishments, and is applicable in the states of Delhi, Assam, Gujarat, Madhya Pradesh, etc.","items":[]},{"content":"\u003cstrong\u003eRoad tax and toll tax:\u003c/strong\u003e\u003ca href=\"/tax/road-tax.html\" target=\"_blank\"\u003e Road tax\u003c/a\u003e is used for the maintenance of roads and toll infrastructure.","items":[]}]}},{"type":"cta","data":{"linkText":"Income tax","prefix":"Know more Info about","link":"/income-tax.html"}},{"type":"header","data":{"text":"Benefits of Taxes","level":2}},{"type":"paragraph","data":{"text":"The purpose of taxes is to provide the government with funds for spending without inflation. Taxes are used by the government for a variety of purposes, some of which are:"}},{"type":"list","data":{"style":"unordered","items":[{"content":"Funding of public infrastructure","items":[]},{"content":"Development and welfare projects","items":[]},{"content":"Defense expenditure","items":[]},{"content":"Scientific research","items":[]},{"content":"Public insurance","items":[]},{"content":"Salaries of state and government employees","items":[]},{"content":"Operation of the government","items":[]},{"content":"Public transportation","items":[]},{"content":"Unemployment benefits","items":[]},{"content":"\u003ca href=\"/life-insurance/pension-plans/top-10-pension-plans.html\" target=\"_blank\"\u003ePension schemes\u003c/a\u003e","items":[]},{"content":"Law enforcement","items":[]},{"content":"Public health","items":[]},{"content":"Public education","items":[]},{"content":"Public utilities such as water, energy, and waste management systems","items":[]}]}},{"type":"paragraph","data":{"text":"Tax is levied on a wide range of income stemming from salary, profits from business, property rental, etc. There are also\u003ca href=\"/tax/wealth-tax.html\" target=\"_blank\"\u003e wealth taxes\u003c/a\u003e, sales taxes, property taxes, payroll taxes, \u003ca href=\"https://www.bankbazaar.com/tax/value-added-tax.html\" target=\"_blank\"\u003evalue-added taxes\u003c/a\u003e (VAT), \u003ca href=\"/tax/service-tax.html\" target=\"_blank\"\u003eservice taxes\u003c/a\u003e, etc."}},{"type":"header","data":{"text":"Advantages of Paying Taxes","level":2}},{"type":"paragraph","data":{"text":"It is compulsory and beneficial for anyone who earns a taxable salary (which is one that exceeds the basic exemption limit) to file their \u003ca href=\"https://www.bankbazaar.com/tax/income-tax-return.html\" target=\"_blank\" rel=\"noreferrer noopener\"\u003eincome tax returns\u003c/a\u003e. This is the case even if the tax liability is zero after deductions.\u0026nbsp;However, even if your income is less than the basic exemption limit, there are advantages to filing taxes. Here are some of the benefits of paying your taxes on time:\u0026nbsp;"}},{"type":"list","data":{"style":"unordered","items":[{"content":"\u003cstrong\u003eLoan approvals\u003c/strong\u003e","items":[{"content":"When applying for a loan, especially \u003ca href=\"https://www.bankbazaar.com/home-loan.html\" target=\"_blank\" rel=\"noreferrer noopener\"\u003ehome loans,\u003c/a\u003e vehicle loans, etc., major banks can request a copy of your income tax returns. This can be ITR from the last two to three years.\u0026nbsp;","items":[]},{"content":"Having ITR can even help to get a higher loan amount or to get your loan application reconsidered in case it was rejected at first. This is because banks calculate your ability to repay the loan based on your income. ","items":[]},{"content":"Income tax returns provide a clear picture of the income and the taxes that were paid on it in the previous years. ","items":[]}]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"\u003cstrong\u003eVisa applications\u003c/strong\u003e","items":[{"content":"Many foreign consulates require you to furnish your income tax returns from the previous years during the visa interview. ","items":[]},{"content":"While for some the most recent one will be sufficient, others require up to two to three years' worth of returns to be furnished. ","items":[]},{"content":"This is mandatory for the UK, US, Europe, and Canada, but not so much for South East Asian countries and the Middle East.","items":[]},{"content":"This is because income tax returns are a proof that you are not trying to leave the country to evade taxes. ","items":[]},{"content":"Even when travelling abroad for leisure or business, it is always prudent to carry your ITR receipts as this will come in handy in the case of any emergency when you have to seek the help of a consulate. ","items":[]}]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"\u003cstrong\u003eSelf-employed individuals\u003c/strong\u003e","items":[{"content":"\u003cstrong\u003e\u003c/strong\u003eFreelancers, consultants, entrepreneurs, and partners of firms are not eligible for the \u003ca href=\"/tax/form-16.html\" target=\"_blank\"\u003eForm 16\u003c/a\u003e. If their annual income exceeds the basic exemption limit, then ITR receipts can be furnished as proof of income. It is also proof of taxes paid. This will come in handy during any financial or business transaction.","items":[]}]},{"content":"\u003cstrong\u003eGovernment tenders\u003c/strong\u003e","items":[{"content":"This depends on the individual government department with no specific strict rules, yet ITR receipts are sometimes requested to be furnished when applying for any government tenders. This is to ensure that you have sufficient income and can support the payment obligations.","items":[]}]},{"content":"\u003cstrong\u003eCarrying forward of losses\u003c/strong\u003e","items":[{"content":"Short-term or long-term capital losses are usually carried forward to be adjusted against the capital gains made in the subsequent years. ","items":[]},{"content":"\u003cstrong\u003eFor example\u003c/strong\u003e, the long-term capital loss of one year can be carried forward for up to 8 consecutive years that immediately succeed the year in which the loss had occurred.","items":[]},{"content":"However, a long-term capital loss can be adjusted only against a short-term capital gain of that year.","items":[]},{"content":" \u003ca href=\"/tax/short-term-capital-gain.html\" target=\"_blank\"\u003eShort-term capital gains\u003c/a\u003e, however, can be adjusted against both short-term and long-term gains. However, this can only be availed if income tax returns have been filed.","items":[]}]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"\u003cstrong\u003eClaiming tax refunds\u003c/strong\u003e","items":[{"content":"\u003cstrong\u003e\u003c/strong\u003eAny refunds that are due from the IT Department can only be claimed if income tax returns have been filed. ","items":[]},{"content":"Even if income is below the tax exemption bracket, there could be refunds from different savings instruments that can be claimed if ITRs are filed. ","items":[]},{"content":"An example is \u003ca href=\"/fixed-deposit-rate.html\" target=\"_blank\"\u003efixed deposits\u003c/a\u003e, on which there is tax deducted at source at 10%.","items":[]}]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"\u003ca href=\"https://www.bankbazaar.com/insurance/life-insurance.html\" target=\"_blank\"\u003eHigh-cover life insurance\u003c/a\u003e","items":[{"content":"\u003cstrong\u003e\u003c/strong\u003eLife cover or a \u003ca href=\"/insurance/term-insurance.html\" target=\"_blank\"\u003eTerm Policy \u003c/a\u003ewith sum insured that ranges from Rs.50 lakh to Rs.1 crore can be availed only by furnishing income tax returns which helps in the verification of annual income. ","items":[]},{"content":"Such a high insurance cover is only given when there is a high income for which income tax return receipts are necessary.","items":[]}]}]}},{"type":"list","data":{"style":"unordered","items":[{"content":"\u003cstrong\u003eCompensation\u003c/strong\u003e","items":[{"content":"For self-employed individuals, ITR receipts may have to be furnished in order to claim compensation in the event of a motor vehicle accident that results in a disability or accidental death. This is because, in order to arrive at the appropriate compensation, income of the person is to be established first.","items":[]}]}]}},{"type":"references","data":{"items":[{"items":[{"text":"Income Tax","link":"/income-tax.html"},{"text":"Income Tax Act","link":"/tax/income-tax-act.html"},{"text":"Income Tax Slabs","link":"/tax/income-tax-slabs.html"},{"text":"Efiling Income Tax","link":"/tax/efiling-income-tax.html"},{"text":"Income Tax Return","link":"/tax/income-tax-return.html"},{"text":"How to calculate Income Tax on Salary","link":"/tax/how-calculate-income-tax-on-salary-with-example.html"},{"text":"Online Tax Payment","link":"/tax/online-tax-payment.html"},{"text":"Income Tax Refund","link":"/tax/income-tax-refund.html"},{"text":"Income Tax Refund Status","link":"/tax/income-tax-refund-status.html"},{"text":"Gratuity","link":"/tax/gratuity.html"},{"text":"How to Calculate HRA","link":"/tax/how-calculate-hra-from-basic-salary.html"},{"text":"Efiling Income Tax Return","link":"/tax/step-by-step-guide-efile-income-tax-return-online.html"},{"text":"GST","link":"/tax/gst.html"},{"text":"7th Pay Commission","link":"/tax/7th-pay-commission.html"},{"text":"TDS","link":"/tax/all-about-tds.html"}],"title":"Related Articles on Tax"}]}},{"type":"header","data":{"text":"Income Tax Deductions","level":2}},{"type":"paragraph","data":{"text":"People who earn more than Rs.3 lakhs in taxable income must pay income tax based on their applicable tax bracket. The amount of income tax that must be paid by the individual can be decreased, nevertheless, through the employment of a few tax-saving strategies. \u003cbr\u003e\u003ca href=\"/mutual-fund/equity-linked-savings-scheme.html\" target=\"_blank\"\u003eELSS\u003c/a\u003e, \u003ca href=\"/mutual-fund.html\" target=\"_blank\"\u003emutual funds\u003c/a\u003e, \u003ca href=\"/saving-schemes/ppf.html\" target=\"_blank\"\u003ePPF\u003c/a\u003e, \u003ca href=\"/saving-schemes/epf.html\" target=\"_blank\"\u003eEPF\u003c/a\u003e, tax-saving fixed deposits, post office savings plans,\u003ca href=\"/insurance/life-insurance.html\" target=\"_blank\"\u003e life insurance\u003c/a\u003e, \u003ca href=\"/insurance/health-insurance.html\" target=\"_blank\"\u003ehealth insurance\u003c/a\u003e, and other investments are examples of such deductible expenses. Most of these expenses are eligible for deductibility under sections 80C and 80D of the 1961 Income Tax Act.\u0026nbsp;"}},{"type":"header","data":{"text":"Income Tax Refund","level":2}},{"type":"paragraph","data":{"text":"Individuals, whether salaried or self-employed, are expected to submit their income tax returns, or ITR, after the end of each financial year. Depending on whether the person filing the ITR is salaried or self-employed, this document offers a snapshot of the taxpayer's annual earnings from various sources, tax savings investments/expenditures, total tax liability, \u003ca href=\"/tax/all-about-tds.html\" target=\"_blank\"\u003eTDS\u003c/a\u003e/advance tax paid, and some other data. \u003cbr\u003eBefore distributing refunds or asking for justifications from the assessee, the assessing officer verifies the integrity of the ITR filed after the Income Tax Department issues an acknowledgement number."}},{"type":"cta","data":{"linkText":"Check Your Credit Score for FREE","link":"https://www.bankbazaar.com/credit-score.html?variant=slide\u0026WT.mc_id=CROSS_SELL_IL_INCOME_TAX_BUTTON_11847\u0026utm_source=bb\u0026utm_medium=seo\u0026utm_campaign=CROSS_SELL_IL_INCOME_TAX_BUTTON_11847"}},{"type":"header","data":{"text":"Income Tax Assessee","level":2}},{"type":"paragraph","data":{"text":"An individual who is liable to pay taxes and is categorized in the payable \u003ca href=\"/tax/income-tax-slabs.html\" target=\"_blank\"\u003eincome tax slab\u003c/a\u003e is known as an income tax assessee. An individual who earns a regular income is exempted from paying tax if his or her annual income is less than the limit determined by the government from time to time.\u0026nbsp;"}},{"type":"header","data":{"text":"Income Tax Slabs","level":2}},{"type":"paragraph","data":{"text":"The tax payable to the government varies from individual to individual. This is because the higher you income is, the higher amount of tax you need to pay. The government utilises \u003ca href=\"/tax/income-tax-slabs.html\" target=\"_blank\"\u003eincome tax slabs\u003c/a\u003e to calculate the rate at which each individual tax assesses is obligated to pay income tax in order to guarantee that tax rates and laws are equitable rather than uniform."}},{"type":"header","data":{"text":"Tax Deducted at Source","level":2}},{"type":"paragraph","data":{"text":"Tax Deducted at Source, also known as \u003ca href=\"/tax/all-about-tds.html\" target=\"_blank\"\u003eTDS\u003c/a\u003e, is one of the most common ways for tax deductions by the government from a salaried person. The provision of interest on fixed deposits is another situation where TDS is present. However, after submitting an Income Tax Return (ITR), the tax assessee is also eligible for a refund in this instance."}},{"type":"cta","data":{"linkText":"Check Your Credit Score for FREE","link":"https://www.bankbazaar.com/credit-score.html?variant=slide\u0026WT.mc_id=CROSS_SELL_IL_INCOME_TAX_BUTTON_11847\u0026utm_source=bb\u0026utm_medium=seo\u0026utm_campaign=CROSS_SELL_IL_INCOME_TAX_BUTTON_11847"}},{"type":"header","data":{"text":"How is Tax Calculated?","level":2}},{"type":"paragraph","data":{"text":"To know the amount of tax that must be paid (\u003ca href=\"/tax/how-calculate-income-tax-on-salary-with-example.html\" target=\"_blank\"\u003ecalculate your tax\u003c/a\u003e), you will have to add your income from salary, income from capital gains, profits or gains from profession or business, income from house property, and income from other sources, which will give you your gross total income."}},{"type":"paragraph","data":{"text":"In case you opt for the old tax regime, deductions under \u003ca href=\"/tax/deductions-under-80c.html\" target=\"_blank\"\u003eSection 80C\u003c/a\u003e to \u003ca href=\"/tax/section-80u.html\" target=\"_blank\"\u003eSection 80U\u003c/a\u003e, which will give you your total income, will need to be taken into account. Next, any rebate will need to be deducted. Add surcharge and cess to know the amount of tax that must be paid."}},{"type":"header","data":{"text":"Recent Reforms in Taxes","level":2}},{"type":"paragraph","data":{"text":"In 2017, the \u003ca href=\"/tax/gst.html\" target=\"_blank\"\u003eGoods and Services Tax\u003c/a\u003e (GST) was introduced by the Indian government which is known to be the most revolutionary tax reform in the country till date. Before the introduction of GST, both Central and State Governments used to levy central as well as state taxes to avail different services or purchasing different goods. "}},{"type":"paragraph","data":{"text":"The main issue with the previous reforms was the taxation process used to be complex. A bigger proportion of assessees were brought under taxation after the implementation of GST, which had a negative impact on tax evaders since it became more difficult to do so."}},{"type":"header","data":{"text":"Tax Evasion Laws and Implications","level":2}},{"type":"paragraph","data":{"text":"Different acts based on taxation have been introduced by the Indian government and people need lto abide by these rules. In case an individual fail to pay taxes, they will be charged a penalty. Given below are some of the sections related to the taxation laws and penalties for non-compliance:"}},{"type":"list","data":{"style":"unordered","items":[{"content":"\u003cstrong\u003eSection 140A (1)\u003c/strong\u003e: If an assesse fails to pay tax, he or she will be considered as a defaulter. In case of non payment of tax, the assessing officer may levy fine equal to the arrear according to Section 221 (1).","items":[]},{"content":"\u003cstrong\u003eSection 271 (C)\u003c/strong\u003e: If an assess does not reveal his or her actual earning, the IT department will impose fine of 100% to 300%.","items":[]},{"content":"\u003cstrong\u003eSection 142 (1) and 143 (2)\u003c/strong\u003e: Under Section 142 (1) and 143 (2), the Income Tax department will send a tax notice to the defaulter. In case the defaulting person fails to respond to the tax notice, the assessing officer may ask the assessee to file return.","items":[]}]}},{"type":"jumbotron","data":{"elements":[{"data":{"items":[{"items":[],"content":"The government can impose penalties of varying degrees on any individual or legal entity that evades taxes. "},{"items":[],"content":"The penalty is dependent on the category of the tax that has not been paid. "},{"items":[],"content":"This means that the amount that is owed as taxes should be paid and in addition to that, the fine as well as its interest is to be paid as the penalty."}],"style":"unordered"},"type":"list"}],"title":"Penalty for not Paying Taxes"}},{"type":"cta","data":{"linkText":"Check Your Credit Score for FREE","link":"https://www.bankbazaar.com/credit-score.html?variant=slide\u0026WT.mc_id=CROSS_SELL_IL_INCOME_TAX_FAQ_BUTTON_11847\u0026utm_source=bb\u0026utm_medium=seo\u0026utm_campaign=CROSS_SELL_IL_INCOME_TAX_FAQ_BUTTON_11847"}}],"hideUserReviews":true,"hideEligForm":true,"metaDescription":"All About Tax and Types of Taxation in India - Know Complete Information about Benefits and Advantages of Taxation. Steps to Calculate Taxes \u0026 Deductions.","h1Title":"Tax in India","metaKeyword":"what is tax, types of taxes in india","metaTitle":"Tax - Meaning, Types \u0026 Advantages of Paying Taxes in India","showTOC":false,"topContent":[{"type":"paragraph","data":{"text":"The payment of tax is beneficial on multiple levels including the development of the nation, betterment of infrastructure, the upliftment of the society, and even for welfare activities for the nation."}}],"interLinks":{"asLeftNav":true,"items":[{"title":"Articles Related to Tax","items":[{"text":"Income Tax","link":"/income-tax.html"},{"text":"Income Tax Slabs","link":"/tax/income-tax-slabs.html"},{"text":"Income Tax Calculator","link":"/tax/income-tax-calculator.html"},{"text":"Dearness Allowance","link":"/tax/dearness-allowance.html"},{"text":"Gratuity","link":"/tax/gratuity.html"},{"text":"GST","link":"/tax/gst.html"},{"text":"GST Rates","link":"/tax/gst-rates.html"},{"text":"7th Pay Matrix Table","link":"/tax/7th-pay-commission-pay-matrix-table.html"},{"text":"Form 16","link":"/tax/form-16.html"},{"text":"Form 26AS","link":"/tax/form-26as.html"},{"text":"Income Tax Refund Status","link":"/tax/income-tax-refund-status.html"},{"text":"7th Pay Commission","link":"/tax/7th-pay-commission.html"},{"text":"Tax","link":"/tax.html"},{"text":"Income Tax Return","link":"/tax/income-tax-return.html"},{"text":"efiling Income Tax","link":"/tax/efiling-income-tax.html"},{"text":"Which ITR to File","link":"/tax/which-itr-to-file.html"},{"text":"How to file ITR","link":"/tax/step-by-step-guide-efile-income-tax-return-online.html"},{"text":"HRA Calculation","link":"/tax/how-calculate-hra-from-basic-salary.html"},{"text":"Advance Tax","link":"/tax/advance-tax.html"},{"text":"Capital Gains Tax","link":"/tax/capital-gains-tax.html"},{"text":"Direct Tax","link":"/tax/direct-tax.html"},{"text":"Indirect Tax","link":"/tax/indirect-tax.html"},{"text":"Income Tax Refund","link":"/tax/income-tax-refund.html"},{"text":"GST Registration","link":"/tax/gst-registration.html"},{"text":"GST Types","link":"/tax/types-of-gst.html"},{"text":"4th, 5th, 6th, and 7th Pay Scale Chart","link":"/tax/4th-5th-6th-and-7th-cpc-pension-calculator.html"},{"text":"7th Pay Commission Leave Rules","link":"/tax/7th-cpc-leave-rules.html"},{"text":"Equivalent Ranks of Commissioned Officers in Army, Navy and Air Force","link":"/tax/equivalent-ranks-indian-armed-forces-army-air-force-navy.html"},{"text":"TDS Rates","link":"/tax/tds-rates-for-ay-2015-2016.html"},{"text":"TDS on Salary","link":"/tax/how-calculate-tds-from-salary.html"},{"text":"TDS Return Due Date","link":"/tax/due-dates-for-efiling-tds-return.html"},{"text":"TDS Refund","link":"/tax/how-claim-tds-refund.html"},{"text":"Form 15G and 15H","link":"/tax/forms-15g-and-15h-to-save-tds.html"},{"text":"Section 143-1","link":"/tax/reason-for-getting-an-intimation-under-sec-143-1.html"},{"text":"Section 194J","link":"/tax/section-194j-tds-on-professional-technical-fee.html"},{"text":"Section 10","link":"/tax/special-allowance-under-section-10-for-salaried-employees.html"},{"text":"Section 80C","link":"/tax/deductions-under-80c.html"},{"text":"Section 80D","link":"/tax/section-80d.html"},{"text":"Section 80DDB","link":"/tax/section-80ddb.html"},{"text":"Section 80C to 80U","link":"/tax/income-tax-deductions-under-section-80c-to-80u.html"},{"text":"Property Tax","link":"/tax/property-tax.html"},{"text":"BBMP Property Tax","link":"/tax/bbmp-property-tax.html"},{"text":"MCD Property Tax","link":"/tax/mcd-property-tax.html"},{"text":"Road Tax","link":"/tax/road-tax.html"},{"text":"VAT","link":"/tax/value-added-tax.html"},{"text":"Union Budget","link":"/tax/union-budget.html"},{"text":"Entry Tax","link":"/tax/entry-tax.html"},{"text":"Professional Tax","link":"/tax/professional-tax.html"},{"text":"Service Tax","link":"/tax/service-tax.html"},{"text":"Sales Tax","link":"/sales-tax.html"},{"text":"Excise Duty","link":"/tax/excise-duty.html"},{"text":"Cost Inflation Index","link":"/tax/cost-inflation-index.html"}]}]},"updatedOn":"23 Nov 2024","ogImage":{"src":"https://static.bankbazaar.com/images/social-share/bb-social-share-v1.jpg"}},"contextData":{"namespace":"tax","productType":"ALL","categoryType":"INCOME_TAX","deviceType":"DESKTOP"}}},"actionData":null,"errors":null}};</script><script type="module" async="">import "/lp-assets/manifest-f1a2314f.js"; import * as route0 from "/lp-assets/root-DJnZuezO.js"; import * as route1 from "/lp-assets/route-BAfJONhu.js"; window.__remixRouteModules = {"root":route0,"routes/default/route":route1}; import("/lp-assets/entry.client-DcW77Zik.js");</script><script id="_webengage_script_tag" type="text/javascript"> function initializeWebEngage() { ! 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