Simply put, Income Tax refers to the direct tax paid on income, to the government, within a given financial year (April-March). When the total income of a person from all sources of income exceeds the maximum amount permissible which is not chargeable to income-tax by the government, then that person is liable to file the Income Tax Return. Section 139(1) of the Income Tax Act was amended a few years back with a view to bring a larger number of persons in the tax net. Now if any person satisfies any one of the following six conditions: owns a vehicle occupies a specified floor area of an immovable property incurs expenditure for himself or for any other person on foreign-travel subscribes to a telephone subscribes to a Credit Card is a Club member then he/she is required to file an Income Tax Return. The slabs to file Income Tax Returns vary, depending upon the total income earned during a year and the various exemptions for...
