Income Tax

Income tax is a tax that a government charges on the income earned by individuals, businesses, and other entities. It is one of the main ways governments raise money to pay for public services such as education, healthcare, roads, defense, and public safety.

For individuals, taxable income can include:

• Salaries and wages
• Business profits
• Rental income
• Interest and dividends
• Capital gains (in many countries)

Tax: Introduction

• Direct tax
• Indirect Tax
• Corporate Tax
• Capital Gain

Income Tax

• Introduction
• New Income Tax Slab for FY 2026-27

Income Tax Exemptions and Deductions

• Income Tax Exemptions and Deductions for Salaried Individuals
• House Rent Allowance
• Section 80C | Deductions under 80C
• Exempted Income

Filing of ITR

• Types of ITR | Which ITR Should I File?
• Tax Deducted at Source (TDS)

Documents required to file ITR

• Documents required to file ITR
• What is Form 16?
• AIS vs Form 26AS
• Salary Slip Format

Other Important Links

• GST | Types, Features, Benefits, Input Tax Credit, GST Council
• Canons of Taxation

Common Queries

1. Why is Income Tax collected?

There are various reasons for which income tax is calculated; for example, to pay off the salaries of state and central government employees and to meet infrastructural expenses. Simply put, it is the source of income for the government with which it takes care of the development of the country.

2. What are the different types of income based on Tax criteria?

Income is classified under five major heads for tax purposes:

• Income from Salary
• Income from House Property
• Profits and Gains from Business or Profession
• Capital Gains
• Income from Other Sources

3. What is the Income Tax Slab Rate for Assessment Year 2026–27 under the New Tax Regime?

Total income	Tax Rate
Up to ₹4,00,000	Nil
From ₹4,00,001 to ₹8,00,000	5%
From ₹8,00,001 to ₹12,00,000	10%
From ₹12,00,001 to ₹16,00,000	15%
From ₹16,00,001 to ₹20,00,000	20%
From ₹20,00,001 to ₹24,00,000	25%
Above ₹24,00,000	30%

4. What is the due date for filing income tax returns? Is it the same for all taxpayers?

The due date for filing an Income Tax Return (ITR) depends on the taxpayer's circumstances, such as whether their accounts are required to be audited and whether transfer pricing provisions apply. For taxpayers who are not required to get their accounts audited, the general due date is July 31.

For taxpayers whose accounts are required to be audited, the due date is generally October 31. Taxpayers required to furnish a report under the transfer pricing provisions generally have a due date of November 30.

5. Where should I invest to save Income Tax?

There are various investment options that may help save tax under the old tax regime. Common options include

• Equity Linked Savings Scheme (ELSS)
• Employees' Provident Fund (EPF)
• Public Provident Fund (PPF)
• Eligible 5-year bank fixed deposits
• National Savings Certificate (NSC)
• Eligible National Pension System (NPS) contributions.