Income tax is a direct tax that a government levies on the income of its citizens. The Income Tax Act,
1961, mandates that the central government collect this tax. The government can change the income slabs
and tax rates every year in its Union Budget.
Those under higher income slabs are taxed at higher rates. The taxable income slabs are changed from time to time, keeping in mind the price levels. Sometimes, the government also provides income tax rebates, which benefits people in the lower-income group. To collect long-term funds, the government also provides income tax incentives. The amount invested in tax-saving schemes is deducted from gross income, which reduces the amount of taxable income and benefits the taxpayer.
This course helps you in improving your knowledge on computation of Income tax payable by an individual, practically understand how Income Tax Return is filed for individuals. This course is perfect for you if you want to learn tax planning, e-file, ITR, etc.
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