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Tax is a compulsory payment made to the Government, but there are ways to optimise it
Income tax is an instrument used by the government to achieve its social and economic objectives. Simply put, tax is duty or tariff that income earning individuals pay to the Government in exchange of certain benefits such as law and order, healthcare, education and a lot more. With proper planning, your tax liability can be reduced and optimised effectively, leaving you with a greater share of your income in your hands than being paid out as tax. Income earned in the twelve months contained in the period from 1st April to 31st March (Financial Year) is taken into account when calculating income tax. Under the Income Tax Act this period is called the previous year.
Assessment Year: It is the twelve-month period 1st April to 31st March immediately following the previous year. In the assessment year a person files his return for the income earned in the previous year. For example for FY: 2012-13 the AY is 2013-14. You are required to pay tax if your income in a particular year is above the minimum threshold in the category of taxpayer that you fall in. There is however, certain other criterion that decides that you need to pay income tax depending on your residential status in India.
The three different residential statuses' are:
• Resident Indian
• Non-Resident Indian (NRI)
• Not Ordinarily Resident (NOR)
What is Gross Total Income?
The gross total income is the sum of all sources of income that an individual has or the total income he earns in a financial year. It can fall into one of the five heads:
1. Income from Salary
2. Income from House Property
Any residential or commercial property that you own will be taxed. Even if your piece of real estate is not let out, it will be considered earning rental income and you will need to pay tax on it. The income tax authorities tax you on the capacity of the real estate (not let out) to earn income and not the actual rent. This is called the property's Annual Value and is the higher of the fair rental value, rent received or municipal rent.
• A standard deduction of 30 per cent of the Annual Value is permitted
• Deduction on property tax paid on the rented property
• Any interest paid against outstanding loans taken against the property
3. Income from Profits and Gains of Business or Profession
Income earned through your profession or business is charged under the head 'profits and gains of business or profession.' The income chargeable to tax is the difference between the credits received on running the business and expenses incurred. The deductions allowed are depreciation of assets used for business; rent for premises; insurance and repairs for machinery and furniture; advertisements; travelling and many more.
4. Income from Capital Gains
5. Income from other Sources
Any income that does not fall under any of the four heads of income above is taxed under the head income from other sources. An example is interest income from bank deposits, winning from lottery, any sum of money exceeding Rs 50,000 received from a person (other than from relative, on marriage, under a will or inheritance).
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