Everyone who earns or gets an income is subject to Income Tax slabs in India. This applies to a resident or a non-resident of India as well. Income could be from the salary that you earn or the pension that you acquire after retirement. The government slashed the tax rate for the lowest-income slab from 10% to 5% and imposed a 10% surcharge on income above Rs 50 lakhs.

The Income Tax Department breaks down income into five heads

Salary – The Income Tax Department treats income from salary or pension under this head of income.

Other Sources –  Income from savings bank account interest, fixed deposits, etc.

House Property –  This is income from property rent that you receive.

Capital Gains –   Income from the sale of a capital asset such as mutual funds and shares.

A business profession – This type of income occurs when you are self-employed or when you run your own business. Apart from business owners, CAs, lawyers, and doctors who have their own practice also come under this category.

Tax provisions are very needed to be aware which offer a variety of strategies for minimizing taxes and filing returns.

To explore Sumopayroll, Sign up!!

Elevate your payroll experience and wave goodbye to Boring manual calculations! Introducing SumoPayroll, your payroll expert, ready to transform your processes into a seamless and hassle-free operation. Our comprehensive services go beyond just payroll – we bring you cutting-edge solutions like a time clock, project and timesheet management (two essential sources for tracking employee performance and hours), leave management, expense management, and consultant management.

Trust us to exceed your expectations, as we commit to providing a satisfaction guarantee. Make the smart choice for your business – choose SumoPayroll and experience payroll perfection!