Income Tax

“Income tax is a tax imposed by the government on Assessee based on their income or profits earned during a Previous year. The income tax is levied by the Central Government of India under the Income Tax Act, 1961. There are also various deductions and exemptions available under the Income Tax Act, such as deductions for investments in specified instruments like Provident Fund, National Savings Certificate, and deductions for expenses like medical insurance premium, education loans, and contributions to charitable organizations. Person are required to file their income tax returns annually, declaring their total income, deductions, and tax liabilities. Income tax returns can be filed online through the Income Tax Department’s. It also covered audit, filing of returns, Assessment and appeal.”