Income Tax is a type of direct taxation levied by the Indian Government on an yearly basis. This tax law is codified under the Income Tax Act of 1961, and often updated to meet the needs of the time and policymaking objectives. This tax is applicable on income earned by individuals via employment or business, members of a Hindu Undivided Family, businesses, and Limited Liability Partnerships, among others. As per the latest Union Budget, those with a taxable income of over Rs. 3 lakhs fall under the taxable categories. If you are an Indian citizen, knowing how to file income tax online is key to ensuring compliance in the long run.
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