Income Tax and Its Time to File Your Returns
“There is no worse tyranny than to force a man to pay for what he does not want merely because you think it would be good for him.” - by Robert A. Heinlein This is what many of us think when we pay tax for the first time. What is Income Tax? Income tax is a tax that is usually levied on individuals (commonly referred as taxpayers) and varies with respect to income. The tax rate or the amount varies by type or characteristics of the taxpayer. The tax rate may gradually increase as the taxable income increases. The concept of taxing the income is a modern-day innovation and pre-purposes several things such as - a money economy, expenses and profits, reasonably accurate accounts, a common and clear understanding of receipts, and much more. The Government makes use of the tax amount for various purposes - ranging from building infrastructure to paying the government employees. To make it simple, governmental organizations make use of the tax amount to f...