Income Tax
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. Income does not only mean money earned in the form of salary.
Who must pay income tax?
For the financial year 2022-23, an Individual is required to pay income-tax if his/her total income exceeds Rs. 2,50,000.
What is minimum salary for income tax?
It is mandatory to file ITR for individuals If the gross total income is over Rs. 2,50,000 in a financial year.