-
INCOME
Income has been very widely defined in the Income-tax Act. In simple words, income includes salary, pension, rental income, profits out of any business or profession, any profit made out of the sale of any specified asset, interest income, dividends, royalty income etc.
The law classifies income under 5 major heads as already mentioned above.
-
Salary Income
-
House Property income
-
Profits and Gains from Business or Profession
-
Capital Gains
-
Income from other Sources
Income Range
Tax rate
Tax to be paid
Up to Rs.2,50,000
0
No tax
Between Rs 2.5 lakhs and Rs 5 lakhs
5%
5% of your taxable income
Between Rs 5 lakhs and Rs 10 lakhs
20%
Rs 12,500+ 20% of income above Rs 5 lakhs
Above 10 lakhs
30%
Rs 1,12,500+ 30% of income above Rs 10 lakhs
-
Call Our Experts And Experience Proper Hand Holding By Our Team
+919810583567 +918810555431 01145508780
-
Advance Tax
Self-employed people must do the calculation themselves and pay the tax to the Government periodically every quarter. The deadlines are:
Due Date
Advance Tax Payable
On or before 15th June
15% of advance tax
On or before 15th September
45% of advance tax
On or before 15th December
75% of advance tax
On or before 15th March
100% of advance tax
.