KCS are income tax consultants - offering filing income tax return services, tax return filing preparation and all kind of tax returns consultant services all over in India. We provide tax consulting services such as income tax return, tax filing preparation, income tax advisory services, income tax salary returns, business returns and other tax filing accounting services.
The Indian Income Tax department is governed by the Central Board for Direct Taxes (CBDT) and is part of the Department of Revenue under the Ministry of Finance.
The government of India imposes an income tax on taxable income of individuals, Hindu Undivided Families (HUFs), companies, firms, co-operative societies and trusts (Identified as body of Individuals and Association of Persons) and any other artificial person. Levy of tax is separate on each of the persons. The levy is governed by the Indian Income Tax Act, 1961.
Income tax is a tax payable, at the rate enacted by the Union Budget (Finance Act) for every Assessment Year, on the Total Income earned in the Previous Year by every Person. The chargeability is based on the nature of income, i.e., whether it is revenue or capital. The principle of taxation of income is: -