Income Tax in Bharat : Guide, IT Returns, E-filing Process 2019
Taxes in Bharat can be categorized as direct and indirect taxes. Direct tax is a tax you pay on your income directly to the government. Indirect tax is a tax that somebody else collects on your behalf and pays to the government eg restaurants, theatres and e-commerce sites recover taxes from you on goods you buy or a service you avail. This tax is, in turn, passed down to the government. Direct Taxes are broadly classified as : 1. Income Tax – This is taxes an individual or a Hindu Undivided Family or any taxpayer other than companies, pay on the income received. The law dictate the rate at which such income should be taxed 2. Corporate Tax – This is the tax that companies pay on the profits they make from their businesses. Here again, a specific rate of tax for corporates has been dictate by the income tax laws of Bharat. Indirect taxes take many forms: service tax on movie tickets and restaurant bills and, value-added tax or VAT on goods such as electronics and clothes. Goods and services tax, which has recently been introduced is a unified tax that has replaced all the indirect taxes that business owners have to deal with. 31 January Deadline to submit your investment proofs 31 March Deadline to make investments under Section 80C 31 July Last date to file your tax return Oct – Nov Time to verify your tax return
