So what is Income Tax
On the income that is earned during a financial year by an individual or business, an Income Tax is levied by Central Government of India. For the Government, taxes are considered to be one of the main source of revenue. This revenue being collected in the form of tax is then utilized by the Government on developing infrastructures, education subsidies, better healthcare and for government welfare schems.
Who are subjected to Income Tax in India
Everyone who earns or gets an income are subjected to pay Income Tax in India.
Income from Salaries & Pensions
Income from Business & Profession
Income from House Properties
Income from Capital Gains
And Income from any other sources like lotteries, fixed deposits, interest from banks on saving accounts