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Indian income tax

Updated: 9/11/2023
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13y ago

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tax is important sources of government. it meet all the expenss of human wellfare, developments so it chareged or levied by individual, HUF, fir and companies earning incomes or profit.

Answer:

Every individual who earns an income in India is entitled to pay Tax on the Income earned by him during that financial year to the government of India. Calculation of the Income Tax to be paid by an individual is a cumbersome process. The government of India provides certain benefits to its citizens who earn an income in the country by means of deductions, exemptions etc.

1. Salaries & Wages

2. Bonus & Commissions

3. Other Perquisite benefits

Are all considered for the purpose of taxation in India

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