Let us discuss the entire process of income tax in India.
| 31 January | 31 March | 31 July | Oct - Nov |
|---|---|---|---|
| Deadline to submit your investment proofs | Deadline to make investments under Section 80C | Last date to file your tax return | Time to verify your tax return |
Income Tax in India
There are two types of taxes in India – direct and indirect.
A direct tax is a tax you pay on your income directly to the government. Indirect tax is a tax that restaurants, theatres and e-commerce websites charge you on for goods or a service. This tax is, in turn, passed down to the government. Indirect taxes take many forms: service tax on restaurant bills and movie tickets, value added tax or VAT on goods such as clothes and electronics.
Goods and services tax, which is scheduled to roll out in July 2017, is going to be a unified tax that will replace all the indirect taxes that business owners have to deal with.
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