What is Income Tax?
Tax is a pivotal arm for good governance of a state or nation. There are different types of taxes and they can all be categorized into two main groups i.e Direct tax and Indirect Tax. A direct tax is levied on the income or profit of an individual. Income tax is an example of direct tax. Indirect taxes are levied on goods and services. Income Tax Due Dates comes every year in March ending must be followed strictly for safeguarding financial interest. A popular example in this regard would be the GST or the VAT. Like all taxes, accrues from Income Tax also constitute a good portion of the country/state treasury. In addition to these Income Tax also acts as a fiscal deficit stabilizers as well as minimizing impact of Global Economic Cycles.