In India, Income tax is a tax you pay to the government based on your income. The government uses this tax money for various purposes including public services, infrastructure development, defence spending and subsidies among other options. It is compulsory that one has to pay income tax if the income he or she earns crosses beyond a certain limit. The Income Tax Act,enacted in 1961, is a statute that focuses on the different rules and regulations that govern taxation in the country. It provides for collecting, levying, administering and recovering income tax for the Indian government. The Income Tax Act,1961 contains a total of 23 chapters and 298 sections. These deal with various aspects of taxation in India. During the month of February, every year, the Indian government presents a finance budget. There are various amendments to the Income Tax Act in the finance budget. This includes changes in tax slabs wherever applicable. For example, the Finance Minister announced tha
1) Trade(व्यापार) :- Purchase and sales of products for motive of earning profit is known as Trade.(लाभ कमाने के उद्धेश्य से किया गया वस्तुओ का क्रय-विक्रय व्यपार कहलाता है।) 2) Profession(पेशा) :- Activities which requires special knowledge and skill to be applied by an individual in his work to earn a living is known as profession. Examples- lawyers are professionals,engaged in legal profession governed by bar council of india, Doctor are professionals who are in medical professions and are governed by Medical Council of india.(आय अर्जित करने के लिए किया गया कोई भी कार्य जिसमे प्रशिक्षण की आवश्यकता होती है उसे पेशा कहते है। जैसे वकील, डॉक्टर, चार्टर्ड अकाउंटेंट. इन कार्यो को करने के लिए प्रशिक्षण की आवश्यकता होती है।) 3) Business(व्यवसाय) :- Bussiness refers to those economic activites which are connected with the production, purchase, sales or distribution of goods or services with the main objectives of earning profits. Examples- Fishing, mining, farming, manufacturi
