Income Tax

Income Tax was introduced for the first time in 1860 and later amended in 1961. Today inflation is so high that mere salary is not sufficient for a salaried man. Both Husband and wife should go for a job to meet out the expenditure for the family.

What is Gross Income - Salary and rental Income + Interest from fixed Deposits + Capital Gains + Business Income shall all together is Gross Income.

What is Advance Tax. - This is payable by all Men and Women who have no salary, but have other Incomes. The person has to calculate the Tax and remit it in a Bank as Four Installments. First during 15th of September ( 30% of he tax ), second during 15th of December ( 30% of the Tax ) and the final during 15th of March ( 40 % balance ). In a Nationalised Bank with the challan available in the Income Tax Department.

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