Income tax is a direct tax imposed on the income of its residents.
Now question is, what kind of income is taxable? Is all income taxable or some are exempt?
In income tax, there are a lot of ifs and buts but yes, all the income earned are taxable unless exempted.
Specialty about income tax in India:
As we know one fact about India, that we are Indians and we have juggad for everything, so to curb tax evasion the government has made and robust Income Tax Act 1961, which is getting more complex every year.
But don’t worry, with our weekly update, we will explain you with all the relevant topics of Income tax, GST and other compliances that is needed in your daily life.
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Fun fact: Income tax is applicable on Illegal income also. This means that if you earn money by drug trafficking, murder etc, although you will be jailed, but you will have to pay income tax also.
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