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What is Understanding Income Tax in India about?

- Tax is mandatory payment to the government by citizens and residents to generate revenue for welfare activities. - There are two types of taxes in India: direct and indirect. Income tax is a direct tax. - Income tax is levied on five heads of income: salary, house property, business/profession, capital gains, other sources. - Key terms include assessee (taxpayer), assessment (computation of income and tax liability), assessment year, previous year, gross total income, deductions, and total income. - R

Author

kalpana

Language

EN