Services

Income Tax

Income tax is a type of tax that governments impose on income generated by businesses and individuals within their jurisdiction. It is used to fund public services, pay government obligations, and provide goods for citizens. In India, you can file your income tax returns online through the e-Filing platform provided by the Income Tax Department. If you need more information about income tax, you can explore the official website of the Central Board of Direct Taxes.

1. Rajput Jain & Associates: - Company registration - GST (Goods and Services Tax) consultation - Taxation services - Business setup assistance - Corporate services
2. Trutax: - Free tax consultations - Income tax filing services
3. Insidetax: - Online business services - Income tax assistance
4. Income Tax Services: - ITR (Income Tax Return) filing - TDS (Tax Deducted at Source) returns filing • In India, the income tax slabs vary based on this

Calculating your income tax liability involves
determining the amount of tax you owe based on your income. Here are the steps to calculate it: 1. Sum of All Earnings: - Add up all your income sources, including salary, rental income, interest income, etc.
2. Deduct Allowable Exemptions and Deductions: - Subtract exemptions such as HRA (House Rent Allowance), LTA (Leave Travel Allowance), and other eligible deductions. - Consider the standard deduction (e.g., ₹50,000 in the new regime) and other applicable exemptions.
3. Taxable Income: - The result after deducting exemptions and deductions is your taxable income.
4. Refer to Tax Brackets: - Consult the income tax slabs to find the applicable tax rate for your taxable income. - Calculate the tax based on the relevant slab