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What is income tax?

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What is income tax?
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2 Answers

  1. Income Tax is a direct tax charged by the Government on the income of a taxpayer. As per the Income Tax Act, taxpayers must file their income tax return annually to determine their tax obligations.

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  2. The term income tax refers to a tax that governments impose on income generated by businesses and individuals within their jurisdiction. Under the Income Tax Act, it is advisable for all the taxpayers to file an income tax return annually, within the specified time, to determine their tax obligations.

    Income tax is one of the major source of revenue for governments. the tax collected are used to fund public services, pay government obligations, and provide goods for citizens.

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