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What is Income tax

Income tax

About Income tax

What is Income tax

Income tax is a direct tax that a government levies on the income of its citizens. The Income Tax Act, 1961, mandates that the central government collect this tax. The government can change the income slabs and tax rates every year in its Union Budget.?
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Income does not only mean money earned in the form of salary. It also includes income from house property, profits from business, gains from profession (such as bonus), capital gains income, and 'income from other sources'. The government also often provides certain leeway such that various deductions are made from an individual's income before the tax to be levied is calculated.?
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Income Tax Returns
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Income Tax Returns (ITR) form are the basis of calculating a person's income tax. It is a statement showing the status of a person, all their sources of revenue, deductions and, lastly, the tax payable or tax refund, if any.?
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Income Tax slabs
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What income tax rate a person pays depends on the slab they fall in. The government has categorised incomes into slabs like — up to Rs 250,000, Rs 250,000-Rs 5,00,000, Rs 5,00,000-Rs 1 million, and more than Rs 1 million. The rates on different slabs might be different based on age groups.
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Standard deduction
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Tax on some components of income can be waived by the government. These tax reliefs are known as standard deductions.

Latest Updates on Income tax

Foreign entities fund Indian NGOs to halt public projects: I-T dept to SC

3 min read Last Updated :Apr 16 2024 | 10:41 AM IST
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15G/15H or Section 197 to avoid TDS? Choice depends on your income

5 min read Last Updated :Apr 09 2024 | 10:44 PM IST
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I-T dept allays apprehensions on reopening of large cases of HRA claims

1 min read Last Updated :Apr 08 2024 | 9:42 PM IST
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Mismatch in HRA claims: No drive launched to reopen cases, clarifies CBDT

2 min read Last Updated :Apr 08 2024 | 9:33 PM IST
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CBDT enables ITR e-filing portal for FY24; 23,000 returns filed in 4 days

2 min read Last Updated :Apr 04 2024 | 7:22 PM IST
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From United Spirits to Zomato, multiple companies get tax demand notices

5 min read Last Updated :Apr 03 2024 | 9:28 PM IST
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Income tax notices lead to stress among startups, executives and investors

7 min read Last Updated :Apr 09 2024 | 12:44 PM IST
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Should I-T babus or voters decide the fate of the Congress?

5 min read Last Updated :Apr 01 2024 | 8:30 AM IST
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'I-T notice to Cong on orders of Centre after electoral bonds scam bust'

2 min read Last Updated :Mar 31 2024 | 6:31 PM IST
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Airtel arm Telesonic Networks penalised for irregularity in claiming ITC

1 min read Last Updated :Mar 31 2024 | 6:07 PM IST
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Infosys to receive Rs 6,329 crore tax refund from I-T department

3 min read Last Updated :Mar 31 2024 | 9:30 PM IST
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Congress gets fresh Income-Tax notice, complains of 'tax terrorism'

5 min read Last Updated :Mar 29 2024 | 10:58 PM IST
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After Congress, CPI gets Income Tax dept notice for Rs 11-crore dues

2 min read Last Updated :Mar 29 2024 | 9:51 PM IST
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Income Tax department levies Rs 564 crore penalty on Bank of India

1 min read Last Updated :Mar 29 2024 | 12:22 AM IST
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PAN card: Here's how to make corrections online in this vital document

3 min read Last Updated :Mar 27 2024 | 1:53 PM IST
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I-T dept searches premises linked to AAP's Delhi MLA Gulab Yadav, others

3 min read Last Updated :Mar 23 2024 | 7:48 PM IST
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Income Tax dept imposes Rs 103.63 crore penalty on Tata Chemicals

1 min read Last Updated :Mar 21 2024 | 6:33 PM IST
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I-T dept expands scope for officers filing appeals, includes TDS disputes

3 min read Last Updated :Mar 20 2024 | 12:00 AM IST
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Income Tax department recovers Rs 73,500 cr in pending dues for FY24

2 min read Last Updated :Mar 19 2024 | 9:47 AM IST
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Pay advance tax now: A guide on calculating, filing, and its importance

3 min read Last Updated :Mar 14 2024 | 5:05 PM IST
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