Income Tax
What is Income Tax?
Income tax is a direct levy collected by the central government on earnings generated within its jurisdiction. Governed by the Income Tax Act, 1961, it applies to salaries, rental receipts, profits from businesses or professions, capital gains, and other residual sources of income.
Annual Union Budgets refresh slab rates and exemptions, making it essential for investors to review cash flows and documentation every financial year before filing returns.
Direct Tax Primer
- Direct taxes are split into income tax and corporate tax.
- Residency status decides whether global or domestic income is taxable.
- Individuals, HUFs, AOPs, BOIs, firms, and companies fall under income tax.
- Corporate tax is computed on profits declared by registered entities.
Types of Income Taxpayers
Tax rates and filing rules differ across these profiles:
- Individuals (categorized by age bands: <60, 60–80, >80 years)
- Hindu Undivided Family (HUF)
- Association of Persons (AOP) & Body of Individuals (BOI)
- Firms and Companies
New Tax Regime Slabs
Progressive slabs effective for FY 2023–24 under the default regime:
- ₹2.5L – ₹5L: 5%
- ₹5L – ₹7.5L: 10%
- ₹7.5L – ₹10L: 15%
- ₹10L – ₹12.5L: 20%
- ₹12.5L – ₹15L: 25%
- Above ₹15L: 30%
Legacy regime slabs continue for taxpayers who opt for older deductions.
Empower your filing journey with our income tax playbooks.
Access workflows that decode taxpayer classifications, compare slab options, and prepare compliance kits well before the deadline.
Know Your Taxpayer Type
Understand residency rules, age slabs, and entity-specific obligations to avoid misfiling.
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Compare Slab Regimes
Evaluate the new vs. old tax regimes, estimate liabilities, and lock the route that suits your cash flow.
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Compliance Checklist
Consolidate TDS proofs, broker statements, and Form 67 submissions with our audit-ready toolkit.
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