Who Needs To File Income Tax Return India
Income Tax Return filing How to file income tax return without Form 16 The last day for filing the income tax returns is near and you may still be scrambling with. The deadline to file income tax returns in July 31. The people who has income less than 2. Income Tax Return, Rs 3 lakh for people of the age. E-file-tax-returns-with-ease-using-ClearTax.jpg' alt='Who Needs To File Income Tax Return India' title='Who Needs To File Income Tax Return India' />Income tax Wikipedia. An income tax is a tax imposed on individuals or entities taxpayers that varies with their respective income or profits taxable income. Many jurisdictions refer to income tax on business entities as companies tax or corporate tax. Partnerships generally are not taxed rather, the partners are taxed on their share of partnership items. Tax may be imposed by both a country and subdivisions. Most jurisdictions exempt locally organized charitable organizations from tax. Income tax generally is computed as the product of a tax rate times taxable income. The tax rate may increase as taxable income increases referred to as graduated or progressive rates. Taxation rates may vary by type or characteristics of the taxpayer. Capital gains may be taxed at different rates than other income. Credits of various sorts may be allowed that reduce tax. Some jurisdictions impose the higher of an income tax or a tax on an alternative base or measure of income. Taxable income of taxpayers resident in the jurisdiction is generally total income less income producing expenses and other deductions. Generally, only net gain from sale of property, including goods held for sale, is included in income. Income of a corporations shareholders usually includes distributions of profits from the corporation. Deductions typically include all income producing or business expenses including an allowance for recovery of costs of business assets. Who Needs To File Income Tax Return India' title='Who Needs To File Income Tax Return India' />Many jurisdictions allow notional deductions for individuals, and may allow deduction of some personal expenses. Most jurisdictions either do not tax income earned outside the jurisdiction or allow a credit for taxes paid to other jurisdictions on such income. Nonresidents are taxed only on certain types of income from sources within the jurisdictions, with few exceptions. Most jurisdictions require self assessment of the tax and require payers of some types of income to withhold tax from those payments. Advance payments of tax by taxpayers may be required. Taxpayers not timely paying tax owed are generally subject to significant penalties, which may include jail for individuals or revocation of an entitys legal existence. Materi Sbk Kelas 5 Semester 2. HistoryeditThe concept of taxing income is a modern innovation and presupposes several things a moneyeconomy, reasonably accurate accounts, a common understanding of receipts, expenses and profits, and an orderly society with reliable records. For most of the history of civilization, these preconditions did not exist, and taxes were based on other factors. Taxes on wealth, social position, and ownership of the means of production typically land and slaves were all common. Practices such as tithing, or an offering of first fruits, existed from ancient times, and can be regarded as a precursor of the income tax, but they lacked precision and certainly were not based on a concept of net increase. Early exampleseditThe first income tax is generally attributed to Egypt. In the early days of the Roman Republic, public taxes consisted of modest assessments on owned wealth and property. The tax rate under normal circumstances was 1 and sometimes would climb as high as 3 in situations such as war. These modest taxes were levied against land, homes and other real estate, slaves, animals, personal items and monetary wealth. The more a person had in property, the more tax they paid. Taxes were collected from individuals. In the year 1. AD, Emperor Wang Mang of the Xin Dynasty instituted an unprecedented income tax, at the rate of 1. He was overthrown 1. AD and earlier policies were restored during the reestablished Han Dynasty which followed. One of the first recorded taxes on income was the Saladin tithe introduced by Henry II in 1. Third Crusade. 3 The tithe demanded that each layperson in England and Wales be taxed one tenth of their personal income and moveable property. Modern eraeditUnited KingdomeditThe inception date of the modern income tax is typically accepted as 1. Henry Beeke, the future Dean of Bristol. This income tax was introduced into Great Britain by Prime Minister. William Pitt the Younger in his budget of December 1. French Revolutionary War. Pitts new graduated progressive income tax began at a levy of 2 old pence in the pound 11. Pitt hoped that the new income tax would raise 1. Pitts income tax was levied from 1. Henry Addington during the Peace of Amiens. Addington had taken over as prime minister in 1. Pitts resignation over Catholic Emancipation. The income tax was reintroduced by Addington in 1. France recommenced, but it was again abolished in 1. Battle of Waterloo. Opponents of the tax, who thought it should only be used to finance wars, wanted all records of the tax destroyed along with its repeal. Records were publicly burned by the Chancellor of the Exchequer, but copies were retained in the basement of the tax court. Punch cartoon 1. Punch readers of a proposed 1. Labour Party in the United Kingdom. In the United Kingdom of Great Britain and Ireland, income tax was reintroduced by Sir Robert Peel by the Income Tax Act 1. Peel, as a Conservative, had opposed income tax in the 1. The new income tax, based on Addingtons model, was imposed on incomes above 1. Although this measure was initially intended to be temporary, it soon became a fixture of the British taxation system. A committee was formed in 1. Joseph Hume to investigate the matter, but failed to reach a clear recommendation. Despite the vociferous objection, William Gladstone, Chancellor of the Exchequer from 1. Crimean War. By the 1. English fiscal system. United StateseditThe US federal government imposed the first personal income tax, on August 5, 1. American Civil War 3 of all incomes over US8. This tax was repealed and replaced by another income tax in 1. It was only in 1. Wilson Gorman tariff. The rate was 2 on income over 4. The purpose of the income tax was to make up for revenue that would be lost by tariff reductions. The US Supreme Court ruled the income tax unconstitutional, the 1. US Constitution, and there being no power to impose any other than a direct tax by apportionment. In 1. 91. 3, the Sixteenth Amendment to the United States Constitution made the income tax a permanent fixture in the U. S. tax system. In fiscal year 1. Common principleseditWhile tax rules vary widely, there are certain basic principles common to most income tax systems. Tax systems in Canada, China, Germany, Singapore, the United Kingdom, and the United States, among others, follow most of the principles outlined below. Some tax systems, such as India, may have significant differences from the principles outlined below. Most references below are examples see specific articles by jurisdiction e. Income tax in Australia. Taxpayers and rateseditIndividuals are often taxed at different rates than corporations. Individuals include only human beings. Tax systems in countries other than the USA treat an entity as a corporation only if it is legally organized as a corporation. Estates and trusts are usually subject to special tax provisions. Other taxable entities are generally treated as partnerships. In the USA, many kinds of entities may elect to be treated as a corporation or a partnership. Partners of partnerships are treated as having income, deductions, and credits equal to their shares of such partnership items. Separate taxes are assessed against each taxpayer meeting certain minimum criteria. Many systems allow married individuals to request joint assessment. Last Date To File Income Tax Return ITR. Here Are The Details. Have you filed your income tax return ITR for assessment year 2. The last date to do so is July 3. Individuals with total income exceeding the taxable limit are required to file ITR. Also remember to disclose information of cash deposited in your bank account aggregating to Rs 2 lakh during a 5. November 1. 1 to 3. December, 2. 01. 6. This was said by the Income Tax Department in a post on microblogging site Twitter. The Income Tax Department also mentioned certain taxpayers who are required to e file their ITRs before July 3. Individuals and HUF having total income exceeding Rs 5 lakh or claiming any refund in the return excluding individuals of the age of 8. Form ITR I or ITR 2. Individual or HYF being a resident other than not ordinarily resident having any foreign assetincome or claiming any foreign tax relief. Persons filing ITR in Form 3, Form 4, Form 5 and Form 7. For e filing return of income log on to incometaxfiling. Validate your e filed return after opting for Electronic Verification Code EVCFrom assessment year 2. Union Budget halves the income tax rate to 5 per cent for individuals having taxable income between Rs. Rs. 5 lakh. In the general category person up to 6. Rs. 2. 5 lakh. For income of Rs. Rs. 2. 5 lakh no tax will be applicable. A tax of only 5 per cent will be applicable if income is between Rs. Further, the income tax rebate of up to Rs. Rs. 5 lakh, has been reduced to Rs. Rs. 3. 5 lakh. It means if an individual has a taxable income of Rs. Rs. 5. 0,0. 00 is Rs. Rs. 2,5. 00. Income. Tax. Up to Rs. 2. Nil. Rs. 2,5. 0,0. Rs. 5 lakh. 5Rs. Rs. 1. 0 lakh. 20Above Rs. For example, for individuals with a taxable income of Rs. Rs. 1. 6. 5. 7 lakh now income tax of Rs. Rs. 1. 4. 6 lakh and education higher education cess of Rs. Rs. 1. 5. 1. 9 lakh earlier. Meanwhile, quoting of Aadhaar has been made mandatory for filing of income tax returns. If you have a valid Aadhaar, the same needs to be linked with your PAN and it is mandatory for filing your Income Tax Return from 1 Jul 2. Income Tax Departments e filing portal incometaxindiaefiling.