Do you know how government funds for the infrastructure? It is with the help of the income tax collected. What is income tax and its features? Why is income tax so important? What is the purpose and importance of taxation? It is a direct tax. It is charged on the total income of a person. It is charged on the income of the income year at the rate applicable in assessment year. It is payable in the year following the income year. It is generally charged on revenue income of a person. What are the objectives of taxation? The primary purpose of taxation is to raise revenue to meet huge public expenditure. Most governmental activities must be financed by taxation. Who has the power of taxation? Taxing power refers to the ability of a government to impose and collect taxes. Don’t you want to learn further about income tax? Let’s get to know more about the topic with the help of a presentation, shall we? Please refer.

Aiswarya MV

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