Sunday, February 1, 2009

Income Tax

Income tax is a source of Govt. Income . Govt. works for the welfare of public . For doing welfare , Govt. needs money . Govt. collects tax and uses this fund for making parks , Govt. hospital , Govt. Schools and Govt. College . So , that poor people also develop . It is the duty of general public to pay income tax because , If we do not pay income tax how Govt. works properly. Blood line for Govt. is income tax . 60% of total income gets from this source . If you want to live with pride , it is your duty to pay the income tax . Govt. of India collects income tax under rules and regulations mention in Income tax law 1961 . Every year finance bill is passed for amendments in the rules and regulations of Income tax law 1961 . So , keep touch with these amendments because , we are seeing that Govt. of Indian is changing tax rate slab . Many incomes now exempted so , if you have earned an exempted income then , there is no need to pay any income tax on that income . Govt. encourage savings , for this Govt. allowed rebate on income tax if , you save your earning in LIC or NSS . Rules and regulations of rate of rebates are changing from time to time . For knowing current year rate of rebate , should touch with finance bill of Govt. of India. Govt. also provide you facility of different deductions under section 80 and its subsection , if public uses these funds for the purpose of Govt. , like donation to Prime minister fund etc. So , following are the links which are related to income tax law which will be helpful to understand whole income tax law 1962 with easy way .

  1. Income and its type
  2. Exempted Income
  3. Introduction of Income tax
  4. Source of Income Tax Law
  5. History of Development of Income tax
  6. Direct Tax Inspection Committee ( Vanchoo Committee )


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