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At the end of every month, you get your salary credit alert. For some of you, the amount you receive is minus the tax deducted at source (TDS) by the employer.

As you know, for filing your income tax return, various incomes need to be considered to eventually lead you to your final amount for tax payment. Two such incomes that we will look at are taxable income and gross income.

We all pay taxes in some or the other form-direct or indirect. When we buy a soap or a packet of chips from a store, we pay some tax indirectly. Our monthly salaries or income in businesses are also taxed, beyond a certain basic exemption limit. As citizens of this country, taxation is something we are all familiar with.

India's taxes are largely divided into two categories: direct and indirect taxes. Direct taxes get imposed on an individual's earnings and benefit earned from selling or transferring any commodity. 

Most millennials believe that if their earnings are below the taxable threshold, they need not file an ITR (Income Tax Returns). That, however, is not the case. When you start working and making money, you must file an income tax return.

Of the entire tax-paying population lot in India, the small chunk of its salaried taxpayers bears the highest burden. It is a known fact that the bulk of India's taxes come from its salaried class, the group that forms only a part of the country's taxpayers.