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WHAT IS Income TAX?
Income tax in India is a tax levied by the government on individuals and businesses based on their income or profits. It is governed by the Income Tax Act, 1961, and administered by the Central Board of Direct Taxes (CBDT) under the Ministry of Finance.
Types of Taxpayers IN INDIA:
Individuals (Residents & Non-Residents)
Hindu Undivided Families (HUFs)
Partnership Firms
Companies (Domestic & Foreign)
LLPs (Limited Liability Partnerships)
Trusts and Societies
New Tax Regime Slabs for FY 2024-25:
The Indian government has revised the income tax slabs for the financial year (FY) 2024-25 (assessment year 2025-26) under the new tax regime to provide tax relief and stimulate economic growth.