Income Tax
Income Tax is a direct tax levied by the Government of India on the income earned by individuals, businesses, and firms during a financial year. It is one of the main sources of government revenue, helping fund public services such as education, healthcare, and infrastructure.
Types of Taxpayers
Income tax is applicable to various categories of taxpayers:
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Individuals (salaried and self-employed)
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Hindu Undivided Families (HUFs)
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Firms & Companies
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Association of Persons (AOPs)
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Body of Individuals (BOIs)
Popular Tax Deductions & Exemptions
Section 80C: Investments in PPF, ELSS, LIC, etc. (up to ₹1.5 lakh)
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Section 80D: Health insurance premium deduction
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Section 24(b): Home loan interest deduction
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Section 10(13A): HRA (House Rent Allowance)
Section 80G: Donations to charitable organizations
