1. What is Income Tax? - Income Tax Foundations in India
Income tax is a form of tax levied by the central government on revenue earned during a financial year by individuals and businesses. Taxes are a source of government revenue. Government is using the money to improve infrastructure, provide health care, education, support to the agricultural / agricultural sector and other government welfare programs. Taxes are mainly of two types, direct taxes and indirect taxes. Taxes levied directly on income earned are called direct taxes, for example, taxes that do not include direct taxes. The calculation of taxes is based on the income levels applicable to that financial year.
Frequently Asked Questions
When is the obligation to return the income?
Companies and firms are required by law to file a tax return (ITR). However, individuals, HUF, AOP, BOI must file an ITR if the income exceeds the basic release limit of Rs 2.5 lakh. This limit is different for adults (Rs 3 lakhs) and for older adults (Rs 5 lakh).
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