Introduction

Income tax is a direct tax that is levied on the income of individuals and businesses in India. The Income Tax Act, of 1961, governs the assessment and collection of income tax in India.

Who is liable to pay income tax?

All individuals and businesses in India are liable to pay income tax, subject to certain exemptions. Individuals are taxed on their total income, which includes salary, income from business or profession, income from rental of property, capital gains, and other income sources. Businesses are taxed on their profits.

How to file income tax returns?

All individuals and businesses who are liable to pay income tax must file income tax returns every year. The due date for income tax returns filing in gurgaon is 31st July of the following financial year.

Income tax returns can be filed online or offline. To file income tax returns online, you must create an account on the Income Tax Department's website. Once you have created an account, you can log in and file your income tax returns electronically.

Income tax deductions and exemptions

There are several income tax deductions and exemptions that individuals and businesses can avail of to reduce their tax liability. Some of the common income tax deductions include:

● House rent allowance (HRA)
● Leave travel allowance (LTA)
● Medical allowance
● Tuition fees allowance
● Deduction for charitable donations
● Deduction for investment in life insurance and pension plans

Conclusion

Income tax matters can be complex and confusing. If you need help with income tax matters, it is advisable to consult with a qualified tax professional.

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