Understanding Income Tax for Beginners

Published on: February 19, 2025

Income tax is a direct tax imposed on an individual's earnings. The government has different tax slabs based on income levels. You can reduce taxable income by claiming deductions under Section 80C (like investments in PPF, LIC, and EPF). Filing tax returns is essential, and you can do it online via the Income Tax Department’s portal. If you don’t file your tax on time, you may have to pay penalties. Understanding these basics will help you stay compliant and save money.