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      • Income Tax
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      Income Tax

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      Income Tax is a tax levied by governments on the income earned by individuals and businesses within their jurisdiction. It is a key source of revenue for most governments and is used to fund public services, infrastructure, and various government initiatives. Income tax is typically imposed on earnings such as salaries, wages, dividends, interest, capital gains, and business profits.

      The structure of income tax can vary significantly from country to country, but it generally involves progressive tax rates, meaning that individuals or entities with higher income levels are taxed at higher rates. In many countries, income tax is collected on a pay-as-you-earn basis, where employers withhold tax from employees' wages and remit it to the government. Individuals and businesses are usually required to file annual tax returns, reporting their income and calculating the tax owed.

      In India, income tax is governed by the Income Tax Act of 1961. The Central Board of Direct Taxes (CBDT), a part of the Department of Revenue under the Ministry of Finance, is responsible for administering income tax laws. The tax structure in India includes various exemptions, deductions, and rebates that taxpayers can use to reduce their tax liability.

      Income tax is often a subject of public debate, particularly around issues of tax rates, exemptions, and the fairness of the tax system. It plays a crucial role in redistributing wealth and funding essential government services but can also be complex and challenging for taxpayers to navigate.

      In August 2024, BOOM investigated a claim that all Indians traveling abroad are required to obtain a tax clearance certificate.

      BOOM found that this claim is misleading. The Central Board of Direct Taxes (CBDT) clarified that only specific individuals, such as those who have certain tax liabilities or are involved in particular financial activities, need a tax clearance certificate for overseas travel. The requirement does not apply to all travelers.

      10 Key Budget 2017 Proposals That Will Impact You
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      10 Key Budget 2017 Proposals That Will Impact You  

      - By A Staff Writer   |   1 Feb 2017 2:52 PM IST

      FactCheck Alert: From Snapchats India Row To Viral WhatsApp Messages
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      FactCheck Alert: From Snapchat's India Row To Viral WhatsApp Messages  

      - By BOOM   |   17 April 2017 11:24 AM IST

      Income Tax Dept Relents; August 5 New Deadline For Filing Tax Return
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      Income Tax Dept Relents; August 5 New Deadline For Filing Tax Return  

      - By A Staff Writer   |   31 July 2017 6:32 PM IST

      Fake Video Goes Viral As Cash Found At Congress Minister D K Shivakumars Home
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      Fake Video Goes Viral As Cash Found At Congress Minister D K Shivakumar's Home  

      - By Jency Jacob   |   5 Aug 2017 1:19 PM IST

      Did Demonetisation ‘Substantially Increase’ Number Of Tax Returns? A FactCheck
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      5 Things PM Narendra Modi Said About Demonetisation In His Independence Day Speech
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      5 Things PM Narendra Modi Said About Demonetisation In His Independence Day Speech  

      - By BOOM FACT Check Team   |   15 Aug 2017 9:24 AM IST

      Interim Budget 2019: Income Tax Relief But No Change In Tax Slabs
      Budget 2019
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      Interim Budget 2019: Income Tax Relief But No Change In Tax Slabs  

      - By Archis Chowdhury   |   1 Feb 2019 7:28 PM IST

      Notice Claiming Income Tax Filing Deadline Further Extended To September 30 Is Fake
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      Notice Claiming Income Tax Filing Deadline Further Extended To September 30 Is Fake  

      - By Mohammed Kudrati   |   30 Aug 2019 3:10 PM IST

      Deadline To File Individual IT Returns Extended To December 31
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      Deadline To File Individual IT Returns Extended To December 31  

      - By Mohammed Kudrati   |   24 Oct 2020 6:29 PM IST

      5 Things You Can Expect From Union Budget 2021
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      5 Things You Can Expect From Union Budget 2021  

      - By Mohammed Kudrati   |   30 Jan 2021 4:55 PM IST

      Union Budget 2021 Live Blog: No Changes In Personal Tax Slabs
      Budget
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      Union Budget 2021 Live Blog: No Changes In Personal Tax Slabs  

      - By BOOM FACT Check Team   |   31 Jan 2021 10:13 PM IST

      Social Media Posts Exaggerate Raid On Keralas Believers Eastern Church
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      Social Media Posts Exaggerate Raid On Kerala's Believers Eastern Church  

      - By Anmol Alphonso   |   25 May 2023 5:54 PM IST

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