28 Dec

Latest Official Updates Under GST by the Indian Government

Income Tax is the tax levied by the government on the income earned by an individual in any given previous year. latest income tax update is charged as a price for utilizing the services provided by the government and maintaining the same. It is the main source of revenue for the central government.

The main motive of collecting income tax is so that the amount raised by the government can be used for the development of buildings, roads and other infrastructure and development services. Income tax is collected by the central government and distributed to the state governments.

Income tax is managed by the Central Board of Direct Tax (CBDT) and is governed by the Income Tax Act, of 1961. There are six sources of income according to the Indian tax system. Income from salary, income from business or profession, income from capital gains, income from other sources, income from house property and income from lottery, horse race etc. Different rates of tax are applicable to different types of income. Some deductions are also provided by the government on income. The taxable income of an individual can be calculated after the deduction of such deductions.

For the latest and official tax updates, you can visit the official website of the Income Tax Department of India at https://www.incometaxindia.gov.in. Additionally, you may also refer to official notifications and circulars issued by the CBDT on their official website.