Income in India is subject to Income Tax. We assist you in filing your Income Tax Returns Ranging from ITR 1 to ITR 7 depending upon your Sources of Income and status. There are basically following five heads of income:
| Income from Salary | Income from salary and pension |
| Income from House Property | Rental income |
| Income from Capital Gains | Income from sale of a capital asset such as mutual funds, shares, house property, agricultural land |
| Income from Business and Profession | Income from Business and Profession / self-employed work as a freelancer or contractor, Life insurance agents, Practising doctors and lawyers, tuition teachers etc |
| Income from Other Sources | Income from savings bank account interest, fixed deposits etc |
For FY 2016-17 for taxpayers under 60 years on the last day of financial year
| Income Range | Tax rate | Tax to be paid |
|---|---|---|
| up to Rs.2,50,000 | No tax | No tax |
| Between Rs.2.5 lakhs and Rs.5 lakhs | 10% | 10 % of your taxable income |
| Between Rs.5 lakhs and Rs.10 lakhs | 20% | Rs.25,000+ 20% of income above Rs. 5 lakhs |
| Above 10 lakhs | 30% | Rs.1,25,000+ 30% of income above Rs.10 lakhs |
For FY 2016-17 for taxpayers who are 60 and older but less than 80 years on the last day of financial year
| Income Range | Tax rate | Tax to be paid |
|---|---|---|
| up to Rs.3,00,000 | No tax | No tax |
| Between Rs.3.0 lakhs and Rs.5 lakhs | 10% | 10 % of your taxable income |
| Between Rs.5 lakhs and Rs.10 lakhs | 20% | Rs.20,000+ 20% of income above Rs. 5 lakhs |
| Above 10 lakhs | 30% | Rs.1,20,000+ 30% of income above Rs.10 lakhs |
For FY 2016-17 for taxpayers who is 80 years at any time during financial year
| Income Range | Tax rate | Tax to be paid |
|---|---|---|
| up to Rs.5,00,000 | No tax | No tax |
| Between Rs.5 lakhs and Rs.10 lakhs | 20% | 20% of income above Rs. 5 lakhs |
| Above 10 lakhs | 30% | Rs.1,00,000+ 30% of income above Rs.10 lakhs |
Capital Gain Tax Slab
| Type of capital asset | Holding period | Tax rate |
|---|---|---|
| House Property | Holding more than 36 months | 20% |
| Holding less than 36 months | Depends on slab rate | |
| Debt mutual funds | Holding more than 36 months | 20% |
| Holding less than 36 months | Depends on slab rate | |
| Equity mutual funds | Holding more than 12 months | Exempt |
| Holding less than 12 months | 20% | |
| Shares | Holding more than 12 months | Exempt |
| Holding less than 12 months | 20% |
Indians living abroad or Indians earning foreign income are also taxed based on their residential status and their income in India.