WHAT IS INCOME TAX
What is income tax? Income tax is a direct tax imposed on the income of individuals and other entities by the government. Indian residents are required to consider their income from India as well as overseas during tax filing; whereas, foreigners are taxed only on their income originating from India. Incomes of different nature and volumes of entities other than corporate bodies are stacked under different income heads and slab rates. INCOME: WHAT ARE THE SOURCES OF INCOME TAXED UNDER WHAT IS INCOME TAX? Apart from a few exemptions and deductions…