The money that the government compulsorily collects from an individual or an organization or a transaction is called taxation. For those whose income exceeds the minimum taxable limit, the tax that is obligatory to pay to the state is called taxation. Taxes can be of different types - income tax, wealth tax, donation tax, sales tax, value-added tax, motor vehicle tax, import and export tax, etc. Let's know some information about the income tax.

The first thing to know about income tax is how much a person earns and whether it is covered by income tax. There are seven types of income under the Income Tax Act. Such as:

• salary from job,
• Income from business,
• Money from rent,
• Money from sale
• Transfer of any property,
• Interest on security (savings certificates, bonds, bank interest, etc.)

What is the income of the person? Does he have to pay as taxes? if the income goes above 3 lakh, you will be covered under the income tax. There will be a ten percent tax for your total money. The tax rate will increase as income increases.

Now let's find out what the income tax return is? An income tax return is an update on your income, property, income tax, etc. Information in a form every financial year. Because your income information may change every year. Once you get the TIN, you have to inform the government about your current location. There is also a system of punishment for not filing a tax return. In this case to get rid of such problem tax accountants Cardiff can help you to update your income return information. If you have bought government savings certificates for different periods, invested in the stock market, or if you have life insurance, you will get a certain amount of tax exemption.

But this is the fact that the government of any country does not pay taxes on any person unnecessarily. All the benefits that the citizens of the country enjoy from the state come from the taxes you pay. You get the services for the money you pay to the government as tax.