INTRODUCTION Being the citizen of a Country, it is the duty of every person living therein to contribute towards the growth of the nation. Hence, every person who is citizen of India and earning income from India is required to contribute towards the development of the Country by declaring his/ her actual income and paying tax to the Government accordingly as per the applicable limit. This amount so collected in the form of tax is later used by the government for building up a developed nation. Let us analyse the tax structure in India.   WHO CAN FILE INCOME TAX RETURN The following people are required to file Income Tax Return: Individual Association of Person Body of Individual Firm Company HUFs LLP Trust Society, Any other Artificial Judicial Person and The following person who: - earns income exceeding the amount not chargeable to tax (limit are specified below) - incurs an expenditure of fifty thousand rupees or more towards consumption of electricity - occupied an immovable property exceeding a specified floor area, whether by way of ownership, tenancy or otherwise - owns or is the lessee of a motor vehicle other than a two- wheeled motor vehicle, whether having any detachable side car having extra wheel attached to such two-wheeled motor vehicle or not - incurred expenditure for himself or any other person on travel to any foreign country; - holder of a credit card, not being an "add-on" card, issued by any bank or institution - member of a club where entrance fee charged is twenty-five thousand rupees or more - is a beneficial owner or a beneficiary of any assets located outside India, or has signing authority in any account located outside India   BASIC REQUIREMENTS OF FILING TAX RETURN - PAN of the person - A valid Bank Account Number - Valid Mobile Number - Valid Email ID - Proper proof of income earned - Proper proof of deduction claimed - Disclosure of all income earned   TAX RATE Different slab rate has been allocated for different class of people: For Natural Person: Nature of Person Income uptoRs. 2.5 lakh Income between Rs. 2,50,001-5,00,000 Income between Rs. 5,00,001-10,00,000 Income above 10,00,000 0-60 Nil 5% 20% 30% 60-80 Nil 5% (3,00,001-50,00,000) 20% 30% 80 and above Nil Nil 20% 30% HUF Nil 5% 20% 30% *Surcharge and Education and Health Cess as applicable   For person other than Natural Person: Nature of Person Tax Rate Surcharge Health and Education Cess Partnership Firm 30% 12% 4% Local Authority 30% 12% 4% Domestic Company, if turnover is uptoRs. 250 Crore in Previous Year 2016-17 25% If total income is: Rs. 1Cr to Rs. 10 Cr: 7%; Above Rs. 1 Cr: 12% 4% Domestic Company, if turnover is above Rs. 250 Crore in Previous Year 2016-17 30% If total income is: Rs. 1Cr to Rs. 10 Cr: 7%; Above Rs. 1 Cr: 12% 4% Foreign Company with Royalty Income 40% If total income is: Rs. 1Cr to Rs. 10 Cr: 2%; [...]