Income Tax Filing

Income Tax is a Direct Tax levied on the personal income of the assessee. It is governed by the Income Tax Act 1961, Income Tax Rules 1962 and the Finance Act. Thus, Income Tax Return is basically a reporting made to the Income Tax Department for all the income earned by the assessee from all the heads of income (Income from Salary, Income from House Property, Income from Business and Profession, Income from Capital Gains and Income from Other Sources) during the Previous Year. The total income earned in the previous financial year is calculated in the Assessment Year and tax liability thereof is paid to the Government as per the tax slabs.