Income Tax Return Filing (ITR-4)
Income Tax
Income Tax is a direct tax you pay on your income directly to the government. Every Indian or Non - Resident Indian who earns an income in India is subject to income tax. A income may include but not limited to salary, pension or could be an interest on savings account or prize money. Income has been categorized and taxed as different categories
a) Income from Salary
b) Income from Other Sources
c) Income from House Property
d) Income from Capital Gains
e) Income from Business & Profession
A Income earning person's income is split into different tax brackets or slabs.
| Income Range | Tax Rate | Tax Liability |
| Up to Rs.2,50,000 | 0 | No tax |
| Between Rs 2.5 lakhs and Rs 5 lakhs | 5% | 5% of your taxable income |
| Between Rs 5 lakhs and Rs 10 lakhs | 20% | Rs 12,500+ 20% of your taxable income |
| Above 10 lakhs | 30% | Rs 1,12,500+ 30% of your taxable income |