Income Tax - Direct Taxation
The income tax in India is a direct tax that is levied on the income earned by individuals, companies, and other entities. It is a significant source of revenue for the government and plays a crucial role in funding various developmental activities. The income tax system in India is progressive, meaning that individuals with higher incomes are subject to higher tax rates. The tax rates are determined by the government and are revised periodically. To ensure compliance with the tax laws, individuals and entities are required to file their income tax returns annually, providing details of their income and deductions. The government has also implemented various measures to facilitate the tax filing process, such as introducing online filing platforms and simplifying the tax forms. Additionally, there are provisions for tax deductions and exemptions, allowing individuals and entities to reduce their taxable income.
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