Income tax is a financial and legal obligation in India. All individuals earning above a certain amount are required to pay income tax on their earned income.
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Computation of income
Computation of income refers to the process of determining the total taxable income of an individual or an organization in India. This involves calculating all the sources of income, determining the deductions applicable, and arriving at the taxable income.
It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department.
All businesses that have a taxable income in India are required to file Business Tax returns. This includes sole proprietorships, partnerships, limited liability partnerships (LLPs), private limited companies, and public limited companies.
Income Tax Return (ITR) is a form in which the taxpayers file information about their income earned and tax applicable, to the income tax department. The department has notified 7 various forms i.e. ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6 & ITR-7 to date.
Section 12A registration is a registration that provides exemption to a charitable trust or institution from paying income tax on the income generated by the trust or institution and Section 80G registration is a registration that provides a tax deduction to donors who contribute to a charitable trust or institution that has been registered under Section 80G.
Instant PAN is a service launched by the Income Tax Department that allows individuals and businesses to apply for a PAN (Permanent Account Number) card online and receive it instantly.
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