Income Tax mandatory in Tamil || யார் வருமான வரி கணக்கு தாக்கல் செய்வது கட்டாயம் || income tax act..

Income Tax mandatory in Tamil || யார் வருமான வரி கணக்கு தாக்கல் செய்வது கட்டாயம் || income tax
Who Should Pay Income Tax?
It is mandatory to file ITR for individuals If the total Gross Income is over Rs.3,00,000 in a financial year (Including standard deduction). This limit exceeds Rs.3,00,000 for senior citizens and Rs.5,00,000 for super senior citizens. The entities listed below must pay taxes and file their income tax returns.
Artificial Judicial Persons
Corporate firms
Association of Persons (AOPs)
Hindu Undivided Families (HUFs)
Companies
Local Authorities
Body of Individuals (BOIs)
Who are Taxpayers?
An Individuals who are above 60 years of age and earn over Rs.2.5 lakhs yearly should pay taxes to the Indian Government.
What are the Different Types of Income?
An individual in India who earns or receives a regular source of income is subject to income tax. The Revenue Tax Department has segmented income into five different categories:
Property Income - Renting a house is taxable under this type of income.
Salary Income - Income earned as a salary or pension is also taxable under this type of income.
Business or Professional Income - Profits generated by self-employed individuals, freelancers, businesses, or contractors, and income made by professionals like chartered accountants, life insurance agents, lawyers, and doctors who practice in their fields, including tuition teachers, are taxable under this type of tax.
Capital Gain Income - Surplus income generated from the sale of capital assets like stocks, mutual funds, or real estate is taxable under this type of income.
Income from Other Sources - Income earned as interest from savings bank account, fixed deposits, and lottery winning are considered as income from other sources.