Income Tax refers to the direct tax paid on income, to the central government, within a given financial year.

When the total income of a person from all sources of income exceeds the maximum amountpermissible which is not chargeable to income-tax by the government, then that person is liable to file the Income Tax Return. Section 139(1) of the Income Tax Act was amended a fewyears back with a view to bring a larger number of persons in the tax net. Now if any person satisfies any one of the following conditions:

  • owns a vehicle
  • occupies a specified floor area of an immovable property
  • incurs expenditure for himself or for any other person on foreign-travel
  • subscribes to a Credit Card
  • is a Club member

then he/she is required to file an Income Tax Return

@ ACCEPTUS we undertake both Income Tax consultancy & Return Filing