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Frequently Asked Questions
Q. What is Income Tax?

Income Tax is a tax levied directly on personal income by the government of India. It is given in the Income Tax Act - 1961

Q. When does an individual’s income being considered for Income Tax?

Under Income tax law, the time frame starting from 1st April to 31st March of the next financial year is considered as Income Tax period.

It is classified as:

  • Previous year – income earned year
  • Assessment year – tax is charged to the previous year income