Overview of Income Tax in India
​
Income Tax is a direct tax levied by the Government of India on the income earned by individuals and entities. It is governed by the Income Tax Act, 1961 and administered by the Central Board of Direct Taxes (CBDT).
Every person earning income above a certain threshold is required to file an Income Tax Return (ITR) and pay taxes according to the applicable slab rates.
Who is Liable to Pay Income Tax?
​
-
Salaried individuals
-
Self-employed professionals (doctors, lawyers, consultants, etc.)
-
Freelancers and gig workers
-
Business owners and companies
-
NRIs with income earned or accrued in India
Types of Income Taxable
-
Income from Salary
-
Income from House Property
-
Profits and Gains from Business or Profession
-
Capital Gains (e.g., property, stocks)
-
Income from Other Sources (interest, dividends, etc.)
Benefits of Filing Income Tax Returns
1. Legal Compliance
Filing returns ensures you stay compliant with tax laws and avoid penalties under Sections 234F and others.
2. Loan & Visa Approvals
ITR documents are often required by banks and embassies for home loans, personal loans, and visa processing.
3. Claiming Refunds
If you’ve paid excess TDS (tax deducted at source), you can claim a refund by filing your ITR.
4. Carry Forward Losses
Business and capital losses can be carried forward for up to 8 years — but only if returns are filed on time.
5. Proof of Income
ITR acts as official income proof, especially useful for self-employed individuals or freelancers.
6. Avoid Penalties
Non-filing or late filing can attract penalties up to ₹5,000 and interest on unpaid taxes.
​
Need Help with Income Tax?
We offer expert assistance for:
✅ Income Tax Return (ITR) Filing
✅ Tax Planning & Consulting
✅ TDS Filing & Compliance
✅ Notices & Assessments
✅ NRI Taxation Services
📞 Let our experts handle your taxes — accurately and on time.
👉 [Contact Us] | [Get a Free Tax Consultation]