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Income Tax

Updated on November 9, 2019 , 3252 views

What is an Income Tax?

An income tax is a tax that governments impose on income generated by individuals and businesses within their jurisdiction. Income taxes are a source of revenue for governments. These income tax are used to pay government obligations, fund public services, and provide goods for citizens. As per the law, taxpayers must file an Income Tax Return annually to determine their tax obligations.

income-tax

Income Tax is tax that's payable on an individual's income. It's charged at different rates depending on what kind of income it relates to. In India, the income tax is charged annually at the end of each financial year (April – March).

Income Tax Common Deductions

Some of the common income tax deductions are:

  • Contribution to NPS
  • Equity Linked Saving Schemes (ELSS)
  • health insurance premium
  • Investments made under The Rajiv Gandhi Saving Scheme
  • Home loan repayment, etc.

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Who pays Income Tax

According to the Indian Income-tax Act, 1961, the following parties are liable to pay the income tax, provided their annual income falls into one of the income slabs as prescribed in the Act:

  • Individuals
  • Hindu Undivided Families (HUFs)
  • Firms
  • Companies
  • Body of individuals
  • Association of persons
  • Local authority
Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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