Income tax return last date..

 Taxation in India(Income tax return last date)

From the start of March, we started to check the last date of the income tax return. Let us know more about Taxation in India and its History. five broad heads under which income is taxed by the govt. of India and the two types of taxes – direct and indirect. Direct taxes are those that an entity remits to the government directly, and include income tax, property tax, etc. indirect taxes are those that an entity remits through third parties. Service tax is an example of an indirect tax imposed by the government of India. We will know more about the tax rate in India, Income Tax is a tax imposed on individuals or entities

What is the history of income tax in India?

The word "tax" is indeed derived from the Latin word "taxare," which means "to assess" or "to estimate." In ancient Rome, tax collectors were known as "publicani," and their job was to estimate and collect taxes from the citizens of the Roman Empire. The word "taxare" eventually evolved into the Old French word "taxer," which meant "to tax" or "to impose a duty." From there, the word made its way into Middle English and then into Modern English, 

The strength of an economy depends on how good the tax system is. A just tax system can propel the economic growth of a country and lead to its prosperity. This in turn makes its citizens happy and more productive. An efficient taxation policy leads to growth in GDP; it is considered sound if it performs allocative, distributional, and stabilization functions in the economy. Taxes are imposed by the government for the use and service of the State. They are levied and collected by the State for the purchase or sale of merchandise or a service. Taxes provide revenue to the state and is therefore one of the most significant aspects of any system of administration by any form of government.

History of Taxation in India

Income is the money that an individual or business receives in exchange for providing a good or service A formal tax system was in existence in India since the time of the Maurya dynasty. The higher class of citizens contributed 1/6th of their income as tax. It is said that even before the Mauryas, the tax was mentioned in Manu Smruti, one of the most ancient scriptures of India. The subsequent Mughal invaders brought with them their own taxation system. The infamous Jezia was a tax imposed on the non-Islamic people of the land. In India, it was abolished by Akbar. The income tax as we know it today was first introduced in India in 1860 by the British. It was introduced to compensate for the losses sustained by the government due to the rebellion of 1857. Income tax is defined as the annual charge levied on both earned income (wages, salaries, or commission) and unearned income like dividends, interest, or rent. In addition to financing a government’s operations, progressive income taxation is designed to distribute wealth creation more evenly in a population and to serve as a buffer in case of fluctuations in the economic cycle. There are two basic types of income tax: personal income tax and corporate income tax. Income Tax is a tax imposed on individuals or entities (taxpayers) that varies with respective income or profits (taxable income). Income tax generally is computed as the product of a tax rate times taxable income. However, for individuals, tax is payable at slab rates. In the Finance Act, of 2020 the Government introduced a new tax regime for individuals giving them the option to opt for the new regime or continue with the old regime.

What is the last date of your income tax return?

The due date for filing income tax returns for the assessment year 2022-23 (the financial year 2021-22) in India is July 31, 2023, for individuals and non-auditable entities who are not required to get their accounts audited by your d. For entities that are required to get their accounts audited, the due date for filing income tax returns is September 30, 2023. However, it's always a good idea to check with the Income Tax Department or a tax professional for the most accurate and up-to-date information on income tax return due dates in India.

What is the tax rate in India?

No tax for individuals with income less than ₹ 2,50,000. 0%-5% tax with income ₹ 2.5 lacs to 5 lacs for different age groups. 20% tax with income ₹ 5 lacs to 10 lacs. 30% tax with income above ₹ 10 lacs.

What is the last date of your income tax

 return?

The due date for filing income tax returns for the assessment year 2022-23 (the financial year 2021-22) in India is July 31, 2023, for individuals and non-auditable entities who are not required to get their accounts audited. For entities that are required to get their accounts audited, the due date for filing income tax returns is September 30, 2023. However, it's always a good idea to check with the Income Tax Department or a tax professional for the most accurate and up-to-date information on income tax return due dates in India.

What are the types of Taxes?

two types of taxes – 

Direct and Indirect.

 Direct taxes are those that an entity remits to the government directly, and include income tax, property tax, etc. Direct taxes are imposed based on individuals' ability to pay principle, which says that those individuals or entities having access to more resources and earning a higher income need to pay higher taxes. The direct rules are framed such that taxes turn out to be a method to redistribute money in the country. In India, direct taxes are administered by the Central Board of Direct Taxes (CBDT), which is a statutory authority responsible for enforcing direct tax laws in the country. The main direct taxes in India include income tax, corporate tax, capital gains tax, and dividend distribution tax, among others. The revenue collected through direct taxes is used by the government to finance various developmental and welfare activities in the country.

 Indirect taxes are those that an entity remits through third parties. Service tax is an example of an indirect tax imposed by the government of India. Sales tax is a tax on the sale of goods and services, while VAT is a tax on the value added at each stage of production and distribution of goods and services. An excise tax is a tax on specific goods such as tobacco, alcohol, and gasoline. Customs duties and tariffs are taxes on imports or exports of goods.