The Government elected by the citizens is bestowed with the
responsibility of nation building and development. In order to
fulfil this obligation, there lies an indispensable requirement of
funds equipping it to contribute in an efficient manner as
expected. Taxes are the largest source of income facilitating the
Central and State Governments along with local authorities like
municipal corporations to work for the fulfilment of their
objectives of socio-economic welfare in terms of infrastructure,
education, healthcare and medical facilities, industrial
advancement, agricultural growth, employment generation, etc.
Income tax
The taxes are levied on individuals and entities in respect to
the income or profits made by them. The provisions of the Income
Tax Act, 1961 (hereinafter referred to as the "Act") help
in the determination and collection of income tax along with the
Finance Act.
