Federation of Indo-Israeli Chambers of Commerce
Basics of Income Tax
Preface
This document comes to assist our employees to understand the various aspects of taxation and what needs to be done. It details down major aspects of IT with respect to your employment at Vandey.
The Indian taxation laws are constantly amended making it crucial for every individual to stay up to date. The need for the same arises as this constitutes a major liability on part of an individual to pay out.
Every organization has a predefined set of procedures they follow to stay statutory complaint and ensure a balanced system to manage the employee’s Payables and dues. At Vandey; We provide the same via our efficient payroll team. We have also provided some taxation notes which will give you key insights on the prevailing policies.
Note that this document contains details which are constantly amended at the end of every fiscal year under the Finance Bill. This document is to help you familiarize with the process of Income tax calculation on the salary income and will provide you with options to reduce your tax liability. Our aim here is to familiarize you with Income Tax computation and deductions applicable. Any changes in the future which contradicts this document shall not be at the liability of Vandey Consultancy.
Introduction to Income Tax
An income tax is a tax that governments impose on income generated by businesses and individuals within their jurisdiction. By law, taxpayers must file an income tax return annually to determine their tax obligations.
Following is a detailed document of the process followed at Vandey to make your financial lives easier. Tax year in India follows the financial year i.e. from 1st April to 31st March. All Indian residents liable to taxation are obligated to file their respective Income Tax Returns (ITR) on or before 31st July (Unless extended by the government) of the subsequent year.