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Search Result : Income tax Lawyers

Consult Expert Income tax Lawyers in India. If you are searching for Income tax Lawyers, then your searches will end here.

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Murugesh Ramiah

D.O.E. : 7/2016
Bangalore |

Area of Practice

  • Tax-GST
  • Corporate and Incorporation
  • Civil
  • Employment and Labour
  • Arbitration And Mediation
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Dr Gubbi's House of Justice

D.O.E. : 10/1984
Bangalore |

Area of Practice

  • Tax
  • Divorce
  • Corporate and Incorporation
  • Property
  • Debt and Lending Agreement
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KCS ADVOCATES AND SOLICITORS

D.O.E. : 6/1990
Lucknow |

Area of Practice

  • Tax
  • Civil
  • Government Contracts
  • Licensing
  • Commercial
Total Answers Given : 2
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Lawmatics India (Adv Mukesh Mishra-Founder)

D.O.E. : 3/2009
|

Area of Practice

  • Tax
  • Civil
  • Property
  • Commercial
  • Media, Communication, Entertainment
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Gopal Gupta

D.O.E. : 11/2015
Kanpur |

Area of Practice

  • Tax-Property Tax
  • Tax-Income Tax
  • Cyber, Internet, Information Technology
  • Contracts and Agreements
  • Family
Total Answers Given : 8
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Vivek Kansal

D.O.E. : 11/2018
East Delhi |

Area of Practice

  • Tax-Income Tax
  • Criminal
  • Arbitration And Mediation
  • Property
  • Divorce
Total Answers Given : 3
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Kanchan Kumari

D.O.E. : 1/2019
Mumbai |

Area of Practice

  • Tax-Income Tax
  • Divorce
  • Cheque Bounce
  • Registration
  • Consumer Protection
Total Answers Given : 36
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Krupa Madhuri G

D.O.E. : 10/2010
Hyderabad |

Area of Practice

  • Tax-Income Tax
  • Family
  • Insurance
  • Divorce
  • Registration
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Praveen tiwari

D.O.E. : 12/2019
Allahabad |

Area of Practice

  • Tax
  • Tax-Income Tax
  • Criminal
  • Customs, Excise
  • IT Contracts
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Aakash Sharma And Associates

D.O.E. : 1/2013
Allahabad |

Area of Practice

  • Tax
  • Tax-Property Tax
  • Tax-Income Tax
  • Tax-GST
  • Civil
Total Answers Given : 7

Income Tax Laws

Common Questions on Income Tax Laws

  1. What is Income Tax?
  2. What are Income Tax Laws?
  3. Why it is Necessary to pay Income Tax?
  4. What is the penalty for not paying Income Tax?

What is Income Tax?

Income Tax refers to the tax collected by the central Government for each financial year on the total taxable income of an assesse earned during the previous year. As per Section 2(7) of the Act, Assesse refers to-

  • Person liable to pay any tax or any other sum of money
  • Every person in respect of whom any proceeding under this act has been taken for the assessment of (1) his income or (2) the loss sustained by him or (3) the amount of refund due to him
  • Every person in respect of whom any proceeding has been taken under this act for the assessment of (1) the income of any other person in respect of which he is assessable or (2) the loss sustained by such other person or (3) the refund due to such other person
  • A person who is deemed to be an assesse under any provision of this Act.
  • A person who is deemed to be an assesse in default under any provisions of this act.

What are Income Tax Laws?

The Income Tax Act 1961 is the law in force in India. The framework of income tax is dependent on two primary things, the determination of the residential statue, and the calculation of the total income which would be inclusive of salary, income from capital gain, income from other sources, etc.

The prescribed method of assessing tax in India is the Slab system. The understanding of the term ‘income’ as per Section 2(24) is exhaustive not inclusive. Hence an illegal income, casual incomes, gifts (subject to certain conditions), etc. are taxable. Casual income refers to the kind of income which lacks the element of foreseeability, it’s an income that is not a portion of the regular income, for example, winning from horse races.

Necessity to pay Income Tax

For our country to move forward and allowing the Government of India to take initiatives for welfare of the countrymen. The Roads, Health Schemes and all other welfare schemes are taken up from the taxpayer’s support. Which benefits all.

Penalty for not paying Income Tax

Unpaid taxes are subject to their own charges. Even if a customer files his / her returns or extension by the 15th of April but fail to pay the money they owe in the same month, a non-payment penalty equal to 0.5% of the due tax will be levied. Similar to a non-filing penalty, a non-payment penalty is also calculated for each month, or parts of the month in which your tax bill remains unpaid. Again, like the non-filing penalty, this penalty can accrue until it hits 25% of the customer’s unpaid tax bill.

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