B Com Exam > B Com Videos > Income Tax Laws > Basic Concepts of Income Tax - Introduction, Income Tax Laws
Basic Concepts of Income Tax - Introduction, Income Tax Laws Video Lecture | Income Tax Laws - B Com
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FAQs on Basic Concepts of Income Tax - Introduction, Income Tax Laws Video Lecture - Income Tax Laws - B Com
| 1. What is Income Tax? |  |
Ans. Income tax is a tax levied by the government on the income of individuals, organizations, or any other legal entities. Income tax is a direct tax and is calculated based on the income earned by the taxpayer during a financial year.
| 2. What are the basic concepts of income tax? | |
Ans. The basic concepts of income tax include taxable income, tax rate, tax exemption, tax deduction, and tax credit. Taxable income refers to the income that is subject to tax after deducting exemptions and deductions. Tax rate refers to the percentage of tax that is levied on the taxable income. Tax exemption refers to the amount of income that is exempt from tax. Tax deduction refers to the amount of money that can be deducted from taxable income to reduce the tax liability, whereas tax credit refers to the amount of money that can be deducted from the tax liability itself.
| 3. Who is liable to pay income tax? | |
Ans. Any individual, organization, or legal entity that earns income is liable to pay income tax. The income tax laws vary depending on the country and the tax jurisdiction.
| 4. What are the different types of income tax returns? | |
Ans. The different types of income tax returns include ITR-1, ITR-2, ITR-3, ITR-4, ITR-5, ITR-6, and ITR-7. These forms are used to file returns for different categories of taxpayers, such as individuals, HUFs, companies, firms, LLPs, and more.
| 5. Can income tax be paid online? | |
Ans. Yes, income tax can be paid online through the government's e-filing portal or through authorized banks. Taxpayers can also pay their taxes through net banking, debit cards, credit cards, or other electronic payment methods.
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