Question 15 of 21
Q.What is Income Tax ?
Tamil Nadu DgeTamil Nadu HSC First Year (DGE) Commerce Board 2023Subjective· 2mImportance★★★★★
71% · 15/21 Questions
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Start your 14-day free trial to unlock the full solution →Income tax is a direct tax on the income earned by a person during a year, levied by the Central Government under the Income Tax Act, 1961.
In the Tamil Nadu HSC Class-11 Commerce syllabus, income tax is the leading example of a direct tax — a tax whose impact and incidence fall on the same person, so it cannot be shifted to someone else.
- Meaning: It is a tax charged on the income earned by a taxpayer in a financial year.
- Who levies it: the Central Government, under the Income Tax Act, 1961.
- Who pays it: individuals, Hindu Undivided Families, firms and companies, according to their taxable income. …
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