849 ViewsIncome tax is charged on income earned by an individual, partnership firm, corporates, and limited liability partnership (LLP) according to the Income Tax Act. In the scenario of an individual i.e., you, tax is charged according to your income tax slab if your income is over a minimum threshold limit (this is addressed by the term “basic exemption limit”). What is an income tax slab? Income tax is the charge on you as an individual taxpayer based on your income slab. A slab system is where distinct tax rates…
Read MoreWhat are the different income tax slab rates and income tax returns?
