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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