Income Tax is a direct Tax. Income tax is imposed on individuals or entities
(tax payers) that varied with the income or profits of the tax payers. Every person whose
total Income for the previous financial year exceeds the maximum amount not chargeable
to tax is liable to pay income tax during the current financial year.
According to section 139(1) every Company or a Firm or a Person
(as per Income Tax Act 1961) shall on or before due date furnish a return of his income.
Charitable and Religious trust shall file their return of income if
their total income before giving exemption u/s 11&12 exceeds the maximum amount
not chargeable to tax.
Every political party shall file their return of income if their
total income before giving exemption u/s 13A exceeds the maximum amount
not chargeable to tax.
Mutual Fund, Securitization Trust, Venture Capital Company,
hospital and medical institutions referred to in section 10 shall file
their return of income if their total income before giving exemption u/s
10 exceeds the maximum amount not chargeable to tax.