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Income Tax Book
Taxes are levied by governments on their citizens to generate income for undertaking projects to boost the economy of the country and to raise the standard of living of its citizens. The authority of the government to levy tax in India is derived from the Constitution of India, which allocates the power to levy taxes to the Central and State governments. All taxes levied within India need to be backed by an accompanying law passed by the Parliament or the State Legislature. The payment of tax is beneficial on multiple levels including the development of nation, betterment of infrastructure, the upliftment of the society, and even for welfare activities for the nation.
There are two main categories of taxes, which are further sub-divided into other categories. The two major categories are direct tax and indirect tax.
Benefits of Taxes
The purpose of taxes is to provide the government with funds for spending without inflation. Taxes are used by the government for a variety of purposes, some of which are:
- Funding of public infrastructure
- Development and welfare projects
- Defense expenditure
- Scientific research
- Public insurance
- Salaries of state and government employees
- Operation of the government
- Public transportation
- Unemployment benefits
- Pension schemes
- Law enforcement
- Public health
- Public education
- Public utilities such as water, energy, and waste management systems
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FAQs on Income Tax
How much income should I earn to pay tax?
Individuals who are under 60 years of age will be subject to income tax if they earn an income in excess of Rs.2.5 lakh. Indian residents who are above 60 years of age but under 80 will be taxed if they earn more than Rs.3 lakh per annum, while those who are above 80 years of age will have to pay tax if they earn in excess of Rs.5 lakh per year.
What is the difference between taxable income and exempt income?
Taxable income is that which is chargeable for tax. Exempt income is income which is granted exemption from tax by the Income Tax Department.
What is the difference between assessment year and financial year?
The year in which you earn an income is the assessment year. The year following the assessment year, in which the income is evaluated, is called the financial year.