What is Income Tax?
A tax imposed on taxable income or profits of persons (whether individual, firm, company, Artificial Juridical Person, Association of Persons, Body of Individuals or Local Authority). Taxation rates may vary by type or characteristics of tax payers.
Tax trend followed in India:
In India, two types of tax trends are followed:
- Progressive Rates: When the tax rate increases as the taxable income increases.
- Proportional Rates: When the tax rates are uniform, irrespective of the person or their incomes.
Income tax in itself is a vast concept and cannot be understood in entirety by a layman, so … Read more