basic things every one to know about: INCOME TAX

INTRODUCTION:

The Income Tax Act 1961

Income tax act is the charging Statute of Income Tax in India. It provides for levy, administration, collection and recovery of Income Tax. Recently the Government of India has brought out a draft statute called the "Direct Taxes Code" intended to replace the Income Tax Act,1961 and the Wealth Tax Act, 1957. Public Commentary has been called for the Draft Bill.[1] The redrafted bill is supposed to be made public soon.

FIVE HEADS OF INCOME TAX:

As per section14 of the Income Tax Act, for the purpose of charging of tax and computation of total income, all incomes are classified under the following 5 Heads of Income

1.Salaries

2.House Property

3.Profits and Gains of Business of Profession

4.Capital Gains

5.Other Sources

and get knows what are all the documents required for filling income tax:

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