Personal Tax Returns

 

To express gratitude towards committed taxpayers, the Income Tax Department has started a unique appreciation initiative. Personal Tax Returns   It recognizes taxpayers’ commitment by awarding certificates of appreciation to them. The four categories of these certificates are: Platinum, Gold, Silver, and Bronze. Income tax is a type of tax that the central government charges on the income earned during a financial year by the individuals and businesses. Taxes are sources of revenue for the government. Government utilizes this revenue for developing infrastructure, providing healthcare, education, subsidy to the farmer/agriculture sector and in other government welfare schemes. Taxes are mainly of two types, direct taxes and indirect form of taxes. Tax levied directly on the income earned is called as direct tax, for example Income tax is a direct tax. The tax calculation is based on the income slab rates applicable during that financial year. Further, Individuals are broadly classified into residents and non-residents. Resident individuals are liable to pay tax on their global income in India i.e. income earned and abroad. Whereas, those who qualify as Non-residents need to pay taxes only on income earned.