Last Date for Filing Income Tax Return

Updated: 20-05-2024 10:27:52 AM

Tax collection is one of the most important and effective tools for revenue generation by the government. Amongst all the imposed taxes direct or indirect, the most important and pervasive tax is the Income Tax. Income tax is the tax that is levied on the income of individuals, firms or organizations. This income tax is charged on the income earned by these individuals, firms and organizations in a particular financial year. The income consists of both earned income and unearned income. Earned income includes salary, wages etc. while unearned income includes interest, capital gain, dividend, rent etc. Thus income earned by way of salary, wage, interest, rent or any other income earned in a particular financial year is liable to be taxed at the end of that particular financial year. Thus Income Tax is the tax that is charged by the government directly on the annual income of any individual. The rate of income tax that is charged on the income or the rate at which it is deducted is dependent on the income tax slab and is imposed differently for various income groups which can be explained as under: