Income Tax Return
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Frequently Asked Questions
1What is Income Tax?
Income tax is tax levied on the income of a person by the Government of India as per the provisions contained in the Income Tax Act 1961. It is levied on income earned during the year starting from 1 April and ending 31st March.
2Who is liable to pay Income tax?
Every person is liable to pay tax in India if his total income is more than the income notified by the government in the slab rates. Here, the definition of person includes :
- An Individual
- A Hindu Undivided Family (HUF)
- A Company
- A Firm
- An Association of Persons (AOP) or a Body of Individuals (BOI)
- A Local Authority
- Artificial Juridical Persons