How to pay the right income tax and be tax compliant?
Income tax is one of the direct taxes that is levied on individuals based on their total income. This income is categorized across different categories based on the nature or source of the income. Individuals usually file separate returns and pay or claim taxes due or refunds. Hindu Undivided families can file a joint single return of all family members, which is the other exception to income taxes. What are the key categories of income? · Income from salary The income can be consistent like salary, pension (generated due to employment), commissions or incentives. These are usually recurring payments and not one-time income. This type of income is broadly classified as ‘Income from Salary’. There is minimum effort for income tax compliance for people having income only under this particular category. · Income from House Property Income from house property largely const...