Who is to Pay Income Tax?
Who is to Pay Income Tax?
The word income has a very broad and inclusive meaning. In case of a salaried person, all that is received from an employer in cash, kind or as a facility is considered as income. For a businessman, his net profits will constitute income. Income may also flow from investments in the form of Interest, Dividend, and Commission etc. Infact the Income Tax Act does not differentiate between legal and illegal income for the purpose of taxation. Under the Act, all incomes earned by people are classified into five different heads, such as: income from salary, income from house property, income from business or profession, income from capital gains and income from other sources.
Helpline Numbers
For Income tax related queries, ASK : 1800 180 1961
For Rectification and Refund, CPC : 1800 425 2229
For e-Filing of Returns, e-Filing : 1800 4250 0025
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