Income tax department of India is governed by Central Board for Direct Taxes. Income tax dept is the one stop destination to find information about all aspects of Indian income tax be it how to file income tax India, what are the different income tax India deductions, what are the taxable income as per the incometaxIndia act followed by incometax department and income tax dept also provides information on how to get Indian income tax refund if you have paid extra money as incometaxIndia.
According to income tax department of India, any citizen that earns above a particular amount is liable to pay income tax India. The tax levied by income tax dept is decided by the incometaxIndia Act that is cleared by Parliament of India. Income tax dept applies incometax India laws on income earned not only in india but also levies incometaxIndia laws on income even earned outside. Incometax department India is responsible for monitoring the collection of incometax India. Income tax department of India lies under the wings of Revenue Department, Ministry of Finance, Government of India. The incometax department takes into account Indian income earned from 1st April to 31st March. This is also known as Indian income tax levied by income tax deptt on previous year’s income. Income tax dept calls this time frame as the assessment year.
Income tax department of India expects people lying under 7 categories to pay Indian income tax. Each category is called as status by the income tax dept and is defined by income tax department as Individuals, Body of Individuals, Hindu Undivided Family, Association of Persons, Companies, Firms, Local authorities and lastly artificial juridical person recognized by income tax India. The Acts of income tax dept is applicable on all Resident as well as Non Resident Indian.
According to income tax department of India an individual staying for more than 182 days in India is treated as Resident Indians by income tax dept. Indian income tax is levied on NRI’s for the income earned by them only in India. In a similar manner income tax dept consider a company as resident if it has been incorporated using Indian companies act. However income tax department will consider a foreign company resident if it had been managed during previous year entirely in India.
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