Income Tax

Income Tax is a tax imposed by the government on the income earned by individuals, businesses, and other entities. It is one of the primary sources of government revenue. Income tax is typically calculated based on the income level, and the rate may vary depending on the taxpayer's income bracket.

• Types of Income: Includes salary, business profits, capital gains, and interest.
• Taxpayers: Individuals, companies, and organizations are liable to pay income tax.
• Deductions: Various exemptions and deductions (like investments under Section 80C) can reduce taxable income.
• Filing: Taxpayers must file returns annually to report income and pay tax owed.