GG Online Class: Income Tax in India- Basics

In this GG Online class and live webinar, the expert conducted a session on Income Tax in India. He is a Chartered Accountant by profession. He has knowledge of Auditing, financial Reporting, IFRS and Management Accounting. He has 5-6 years of work experience with big companies in India. The reason for this webinar is to share knowledge among non-financial people who don’t have any idea about Income Tax and apprise them of some of its basics. Some people earn a lot but they don’t know about income tax and how to reduce their tax liabilities in an efficient way. The problem arises when people are not taking income tax seriously. ‘Income tax’ is a tax which we have to pay on income which is earned by us. The tax is to be paid under –

1.   Income from salaried/pension –

If you’re an employee of a company which pays you a monthly income, then on such remuneration tax needs to be paid.

2.   Income from business/profession

Any businessman, like a general store owner or showroom owner & professional person like CA, CS has to pay tax.

3.   Income from house property

If anybody has a tenant in their property, then they have to pay tax on the rental income.

4.   Income from other sources/winnings

Other sources like interest on fixed deposits or dividends from shares or if anybody wins a dance reality show or KBC, then they have to pay tax on any such income earned.

5.   Capital gains

If you sell your house on profit then it is called capital gains.

All the above categories are different from each other. Income generated during the financial year (1st April to 31st March) is chargeable. You need to inform the income tax department if you earn something in the financial year. Filing return is a form generated by the income tax department. You can fill this form online as well. In this form, all the information has to be mentioned by the person who has earned income. 

The session was an eye opener for the students and professionals who did not have any idea on income tax and its payment. In this webinar, the expert has also shared the information about different slabs of tax, TDS (tax deductible source) & benefits. 

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