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FAQs on Income Tax Authorities - Income Tax Laws - B Com
| 1. What is the basic structure of the Income Tax system in India? |  |
Ans. The Income Tax system in India is governed by the Income Tax Act of 1961. It is a progressive tax system where individuals and entities are taxed based on their income levels. The tax structure includes various tax slabs for different categories of taxpayers, including individuals, Hindu Undivided Families (HUF), firms, and companies. Each category has specific exemptions, deductions, and rebates available under the Act.
| 2. How can I file my Income Tax return in India? | |
Ans. To file your Income Tax return in India, you can follow these steps: First, gather all necessary documents such as Form 16, bank statements, and investment proofs. Next, you can file your return online through the official Income Tax Department website or using offline software. Fill in the required details, calculate your tax liability, and submit the form. After submission, ensure you verify your return through methods like Aadhaar OTP or net banking.
| 3. What are the common deductions available under Section 80C? | |
Ans. Under Section 80C of the Income Tax Act, taxpayers can claim deductions for investments and expenses up to a limit of ₹1.5 lakh per financial year. Common deductions include contributions to Public Provident Fund (PPF), Employee Provident Fund (EPF), National Pension Scheme (NPS), Life Insurance premiums, and investments in Equity Linked Savings Schemes (ELSS).
| 4. What is the penalty for not filing Income Tax returns on time? | |
Ans. If you fail to file your Income Tax return on time, the Income Tax Department may impose a penalty. As per the current provisions, if the return is filed after the due date but before the end of the assessment year, a penalty of ₹5,000 may be levied. However, if the taxpayer's total income is below ₹5 lakh, the penalty is reduced to ₹1,000. Additionally, interest on late payments may also be applicable.
| 5. How are capital gains taxed in India? | |
Ans. Capital gains in India are taxed based on the holding period of the asset. Short-term capital gains (STCG) arise from the sale of assets held for less than 36 months (or 12 months for equity shares), and are taxed at a flat rate of 15%. Long-term capital gains (LTCG) from the sale of assets held for more than the specified duration are taxed at 20% with indexation benefits. Certain exemptions may apply under sections like 54 and 54F for reinvestment in residential property.
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