Income Tax

What is Income Tax?

Income tax is a tax imposed by the government on the income earned by individuals, businesses, and other entities. It is one of the primary sources of revenue for the government, which uses the collected tax to fund public services such as healthcare, education, infrastructure, defense, and more.

At Raj Kishor & Associates, we provide comprehensive income tax services designed to ensure compliance and optimize tax liabilities for individuals, businesses, and organizations. Our team of experienced Chartered Accountants offers personalized solutions that help navigate the complexities of the tax system and ensure you take full advantage of available benefits and deductions.

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Individual

An individual taxpayer is a person who pays taxes on income earned through employment, business, investments, or other sources. The tax is based on personal income and applicable deductions or exemptions.

HUF

HUF is a family-based tax entity where income is earned by a joint family. The family members are collectively taxed, with the family head acting as the manager for tax purposes.

Partnership

A partnership is a business structure where two or more individuals share ownership, profits, and liabilities. Each partner contributes resources, and taxes are filed based on the individual share of income.

Trust or NGO

Trusts and NGOs are non-profit entities set up for charitable, religious, or social purposes. They receive special tax exemptions under certain conditions, and their income is used solely for their designated activities.

Co-operative society

A co-operative society is a member-based organization formed to meet common economic, social, and cultural needs. They are taxed under specific provisions with a focus on promoting mutual benefits for members.

Private limited company

A private limited company is a business entity with limited liability. It is owned by a small group of shareholders and cannot offer shares to the public. It is taxed on its profits and follows compliance regulations.

Public Limited company

A public limited company can issue shares to the public and is typically listed on stock exchanges. It is governed by more stringent regulatory requirements and pays taxes on its profits.

15 CA, 15 CB

Form 15 CA and 15 CB are documents required for remittance of foreign payments. Form 15 CA is a declaration by the remitter, while Form 15 CB is a certification by a Chartered Accountant confirming tax compliance.

Income Tax Notice

An income tax notice is a formal communication from the tax department regarding discrepancies, demands, or audits. Assessment is the process of determining a taxpayer’s actual liability based on filed returns.