Menu
keyboard_backspace
Vidhikarya has a vast network of Lawyers in Thiruvananthapuram. Connecting with Lawyers through Vidhikarya is fast and cost effective. Let us know your requirement and we will get back with the best solution for your legal need.
{{ item.meta_value }}, {{ item.meta_key }}

Sorry did not find any Lawyers as per your selection!

Place your request by posting your matter we will get back to you with suitable options.

Not Sure Whom to Consult ?
We will help you to find the best lawyer as per your budget !
Post Your Matter to explore various options.
Need Legal Advice
Connect with Expert Lawyers to Resolve
Your Legal Matter
  • 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.

Request a Callback for Legal Help


In case you want us to call you back to understand your legal problem then please submit your details with a brief description of the legal issue that you have. We will call you back.

Name must be provided !

Email must be provided !

Invalid Phone Number !

Details must be provided !

Want a Quick Legal Advice From Expert Lawyer
Call us at this number for Legal Help at an affordable price
7604047601
Legal Advice Anytime Anywhere

The most trusted and relied upon partner for hiring lawyers for any kind of legal services.

Not Sure Whom to Consult ?
We will help you to find the best lawyer as per your budget !
Post Your Matter to explore various options.
Need a Lawyer for Your Case ?
Get the best Lawyer
for your Case
Client Testimonials

Top Responding Lawyers
on Income Tax Laws

Experience: 33 Year(s)
Retired Judge
Bangalore
Experience: 9 Year(s)
Lawyer and legal associate
Nanded
Experience: 2 Year(s)
As a advocate
Aurangabad
Experience: 20 Year(s)
Dr
New Delhi
Experience: 11 Year(s)
Attorney
South Delhi
Experience: 9 Year(s)
Adv.Ambrose Leo Associates & Legal Consultants
Bangalore
Experience: 15 Year(s)
Advocate High Court
Kolkata
Experience: 17 Year(s)
Lawyer,Attorney,Solicitor
Kanpur
Experience: 14 Year(s)
Advocate and Legal Counsel
Kolkata
Experience: 22 Year(s)
Advocate
Bhubaneswar
Experience: 12 Year(s)
Advocate
Mumbai City
Experience: 5 Year(s)
Lawyer
New Delhi
Experience: 1 Year(s)
Advocate
Kolkata
Experience: 3 Year(s)
Legal Counsel
Kolkata
Experience: 19 Year(s)
Advocate
Bangalore
Experience: 3 Year(s)
Criminal Lawyer
Faridabad
Experience: 5 Year(s)
ADVOCATE
Howrah
Experience: 38 Year(s)
SENIOR LAWYER
Jabalpur
Experience: 18 Year(s)
Advocate / Trial Advocate
Tirunelveli
Experience: 4 Year(s)
Advocate
Faridabad
Experience: 18 Year(s)
Advocate
Chennai
Experience: 17 Year(s)
Advocate
Thiruvananthapuram
Experience: 2 Year(s)
Advocate
New Delhi
Experience: 15 Year(s)
Advocate
Panipat
Experience: 15 Year(s)
Advocate High Court
Allahabad
Talk to a Lawyer
Post Your Matter
Request Callback
Contact Us