Income tax is a direct tax levied by the government on an individual’s or entity’s earnings or profits. In India, it is collected by the Central Government under the Income Tax Act, 1961. Individuals, businesses, and other entities are required to pay tax on income earned from salaries, business profits, property, capital gains, or other sources. The amount of tax depends on the income slab and applicable rates. Income tax helps the government fund public services like healthcare, infrastructure, and education. Taxpayers can also claim deductions and exemptions to reduce their taxable income, based on specific investments and expenses.
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