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Consult and get Expert Advice on Income Tax Laws matters from the best Income Tax Lawyers in India. Let us know your requirement we will help you to find the best Lawyer suited for your matter within your budget.
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Consult Top Income Tax Expert Lawyer in India

SUNDARAVADIVELU VELU

Proprietor
Exp
Chennai , Tamil Nadu

Specialization

  • Tax-Income Tax
  • Civil
  • Partnership
  • Real Estate
  • Registration
SPECIALISED IN DIRECT AND INDIRECT MATTER, CHEQUE BOUNCE CRIMINAL CASES, PROPERTY DOCUMENTATION View Full Profile
Total Answers Given : 10
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Ritesh kumar Mishra

Advocate
Exp
South West Delhi , Delhi

Specialization

  • Tax-Income Tax
  • Cheque Bounce
  • Divorce
  • Domestic Violence
  • Civil
I am practising advovate since 2013. I am dealing all types of cases such as civil, criminal, settlement, liasoning with authority etc View Full Profile
Total Answers Given : 2
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DEEPAK RATHORE

LAWYER
Exp
North Delhi , Delhi

Specialization

  • Tax-Income Tax
  • Criminal
  • Divorce
  • Tax
  • Arbitration and Mediation
WE DEALS IN ALL TYPES OF CASES, CRIMINAL MATTERS, MATRIMONIAL MATTERS, NEGOTIABLE INSTRUMENT MATTERS, COURT MARRIAGE, MARRIAGE REGISTRATION, GST, INCOME TAX AND VAT. View Full Profile

Saket Mohta

GST Practitioner
Exp
Kolkata , West Bengal

Specialization

  • Tax-Income Tax
  • Tax
  • Tax-GST
  • Tax-Service Tax
  • Tax-Sales Tax
I am a certified GST Practitioner u/s 48 of the CGST Act, 2017 with in-depth knowledge of GST related issues inculding filing of returns, gst audit and many other queries. View Full Profile
Total Answers Given : 4
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RAKTIM PUJARI

ADVOCATE
Exp
Sundargarh , Orissa

Specialization

  • Tax-Income Tax
  • Contracts and Agreements
  • RTI
  • Landlord And Tenant
  • Partnership
Self managed and dedicated professionals to provide legal services in a distinct and practical way. View Full Profile
Total Answers Given : 3
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Arvind Tripathi

Lawyer
Exp
Allahabad , Uttar Pradesh

Specialization

  • Tax-Income Tax
  • Civil
  • Criminal
  • Cheque Bounce
  • Divorce
Mr. Arvind Tripathi, Advocate is an Advocate with 30 years of experience in Civil and Criminal matters. He specializes in Service and Bail matters. He runs a Law Firm by the name of Mimansa Law Firm which is very reputed firm in the whole of Uttar Pradesh. View Full Profile
Total Answers Given : 2
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Advocate Mohit Dhingra

Advocate
Exp
Lucknow , Uttar Pradesh

Specialization

  • Tax-Income Tax
  • Intellectual Property, Copyright, Patent, Trademar
  • Cheque Bounce
  • Consumer Protection
  • Landlord and Tenant
I deal in various legal fields such as Consumer Matters, Labour and Employment Matters, EPF & ESI Registration, Trademark Registration, Labour Registration, FSSAI License, Cheque Bouncing Matters, Legal Notices, ISO Registration, and Civil Disputes View Full Profile
Total Answers Given : 1
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ADITYA SINGHI

ADVOCATE
Exp
Jodhpur , Rajasthan

Specialization

  • Tax-Income Tax
  • Banking
  • Civil
  • Consumer Protection
  • Cheque Bounce
I have vast experience in Rajasthan High Court, CAT, DRT, Lower Court,Consumer Court, MACT. Our practice areas are Civil Laws, Corporate Laws, Banking & Finance, Arbitration, Motor Vehicles & Insurance, Taxation, Land Disputes, Family Matter, Domestic VIolence, Divorce, Cheque Bounce cases etc View Full Profile

Shrikrishan Shahni

Advocate
Exp
Gurgaon , Haryana

Specialization

  • Tax-Income Tax
  • Tax
  • Administrative Law
  • Customs, Excise
  • Financial Markets And Services
Expertise in : Income Tax, GST, TDS, Property tax, ESI, PF, Labour Law,ROC, Civil, Criminal and other Industrial Law related matters. View Full Profile

Mahendra Singh

Advocate & Tax Consultant
Exp
Rishikesh , Uttarakhand

Specialization

  • Tax-Income Tax
  • Tax-Service Tax
  • Tax-Sales Tax
Advocate Mahendra Singh Practicing in the field of Taxation, Both Direct & Indirect - Income Tax , Goods & Service Tax (GST) , Registration of Firm, Society , Trust, NGO, Company, IEC license, Accounting Services, EPF, ESIC, Labour Law Etc. View Full Profile
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  • What is Income Tax?
  • What are Income Tax Laws?
  • Why it is Necessary to pay Income Tax?
  • 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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