What is Income Tax?

Income Tax is a direct tax levied by the Government of India on the income earned by individuals, businesses, and other entities during a financial year (1st April – 31st March). The tax collected helps fund government expenses, infrastructure, and development projects.


Types of Taxpayers

  1. Individual (Salaried, Self-employed, Professionals)

  2. HUF (Hindu Undivided Family)

  3. Firms/LLPs

  4. Companies

  5. Trusts & Associations