What Is Income Tax/ Income Tax Slab?

An income tax is a tax that governments impose on financial income generated by all entities within their jurisdiction. By law, businesses and individuals must file an income tax return every year to determine whether they owe any taxes or are eligible for a tax refund. Income tax is a key source of funds that the government uses to fund its activities and serve the public.

Here’s how much your income tax liability/Slab will be as per the proposed announcements in the budget