Every Indian needs to file Income Tax Return on his/her earned income, At the end of the year, to help Government to make policies, as The government
senani.in
@ By Ajay Kumar Gupta
Taxes are backbone for every Nation. India’s economy is on growing stage. Tax returns help government to take necessary decisions and make policies. Goods and Services Tax are right of Goverment. It helps national to grow.
Every Indian needs to file Income Tax Return on his/her earned income, At the end of the year, to help Government to make policies, as The government receives most of its revenue for its budget through income taxes.
There are two types of income subject to taxation: earned income and unearned income.
Earned income includes-
Salary
Wages
Tips
Commissions
Bonuses
Unemployment benefits
Sick pay
Some noncash fringe benefits
Taxable unearned income includes-
Interest
Dividends
Profit from the sale of assets
Business and farm income
Rents
Royalties
Gambling winnings
Alimony
(#Ajay Kumar Gupta is Business head of AAS Wealth Management Pvt. Ltd, Lucknow, http://www.aasmoney.in
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