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It does not apply to those opting for presumptive taxation under section 44AD, and the total sales or turnover does not exceed Rs. Individuals subjected to the terms of Section 44ABĪccording to 44AB, those who are compulsorily required to get their accounts audited and liable to pay tax are:Ī) A person with a business with its entire sales, gross receipts, or turnover for the year exceeds Rs.However, online tax payment is obligatory for: Image Source: Who Can Pay Income Tax Online in India?Īnybody is eligible to pay taxes online. Also, a debit card or means to net banking and good internet connectivity.Description of extra income details which may include information such as rent on the property, gaining through the lottery, wealth gains through shares, and others.Form AS 26 which is a proof of taxes paid till now,.Income details, expenses or deductions, and taxes to be paid,.PAN or permanent account number detail,.However, when individuals pay tax to the government on the income they get, it is called income tax.When Corporations pay this tax on the profit they make from their businesses, it is called a corporate tax.GST or Goods and Services Tax has substituted all taxes relating to business owners.Third parties, in turn, pay it to the government.The former is paid to the government directly, while the latter is spent on buying goods and services from the third parties through various forms such as VAT, service tax, and others.Direct and indirect taxes are the two types of taxes in India.On failing to pay the requisite taxes, the entities outlined in the income tax act can penalise you and further subject you to legal actions.It applies to the taxable income earned by individuals, firms, members of a Hindu Undivided Family, Limited Liability Partnerships, companies, local authorities, as well as any artificial juridical person.Income Tax is a category of direct tax imposed by the Government of India on all income (other than that produced from agriculture and related activities), as per the Income Tax Act, 1961.Taxes are necessary for any nation to develop, and income tax is the main source of revenue for a government, which is then used for the upliftment of major sections of the country.
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