NEED for income tax in post-GST India

Abstract

The Indian Income Tax is a direct tax levied by the Central government of India on individuals, companies, firms and any other judicial body or person. It comprises of various slab and depending on the slab the individual falls under he is charged a different tax rate. Further, individuals and corporates are allowed various tax concessions depending on their expenditure. An example would be where any amount (upto Rs 1.5 lakhs) invested in a Public Provident Fund, etc. is tax exempted and an individual would not be required to pay ant for it. Similarly, any expenditure on medical expenses up to a certain upper limit is exempted from tax. This makes the entire process of filing for taxes extremely complicated for a single individual and numerous companies have cropped up to help individuals file their returns. Further, in the case an individual has payed extra tax and desires to claim a refund, the process is extremely complicated and tedious.