Income Tax was introduced for the first time in 1860 and later amended in 1961. Today inflation is so high that mere salary is not sufficient for a salaried man. Both Husband and wife should go for a job to meet out the expenditure for the family.
Salary and rental Income + Interest from fixed Deposits + Capital Gains + Business Income shall all together is Gross Income.
This is payable by all Men and Women who have no salary, but have other Incomes. The person has to calculate the Tax and remit it in a Bank as Four Installments. First during 15th of September ( 30% of he tax ), second during 15th of December ( 30% of the Tax ) and the final during 15th of March ( 40 % balance ). In a Nationalised Bank with the challan available in the Income Tax Department.
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