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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.

      Explained What Do Changes In Income Tax Slabs Mean For You
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      Explained: What Do Changes In Income Tax Slabs Mean For You  

      - By Mohammed Kudrati   |   1 Feb 2023 5:36 PM IST

      What Data Says About How Middle Class Is Defined In India
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      What Data Says About How Middle Class Is Defined In India  

      - By Mohammed Kudrati   |   21 Jan 2023 11:48 AM IST

      No, Madhavan Did Not Sell His House To Fund The Film Rocketry
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      No, Madhavan Did Not Sell His House To Fund The Film 'Rocketry'  

      - By Nivedita Niranjankumar   |   18 Aug 2022 5:40 PM IST

      7 Things You Need To Know About The Sovereign Gold Bond Scheme
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      7 Things You Need To Know About The Sovereign Gold Bond Scheme  

      - By Mohammed Kudrati   |   25 Oct 2021 10:09 PM IST

      Is The President Of Indias Salary Tax-Free? Heres All We Know
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      Is The President Of India's Salary Tax-Free? Here's All We Know  

      - By Mohammed Kudrati   |   30 Jun 2021 3:46 PM IST

      New Income Tax Website Launches With Glitches: All You Need To Know
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      New Income Tax Website Launches With Glitches: All You Need To Know  

      - By Mohammed Kudrati   |   8 Jun 2021 8:35 PM IST

      Old Photos Passed Off As IT Raids At MK Stalins Daughters House
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      Old Photos Passed Off As IT Raids At MK Stalin's Daughter's House  

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      Govt Extends Deadline To Link PAN With Aadhaar To June 30, 2021
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      Govt Extends Deadline To Link PAN With Aadhaar To June 30, 2021  

      - By Mohammed Kudrati   |   31 March 2021 8:31 PM IST

      Link PAN & Aadhaar By March 31 To Avoid Penalty Of Upto Rs 1000
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      Link PAN & Aadhaar By March 31 To Avoid Penalty Of Upto Rs 1000  

      - By Mohammed Kudrati   |   26 March 2021 6:36 PM IST

      Income Tax Return: Interest Charged For Late Filing After July 31
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      Income Tax Return: Interest Charged For Late Filing After July 31  

      - By Dilip Unnikrishnan   |   24 Dec 2020 5:07 PM IST

      Explained: Transparent Taxation Platform Launched By PM Modi
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      Explained: Transparent Taxation Platform Launched By PM Modi  |  Watch Video 

      - By Govindraj Ethiraj   |   14 Aug 2020 8:41 PM IST

      Deadline For Filing Income Tax Return For FY 2019-20 Extended
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      Deadline For Filing Income Tax Return For FY 2019-20 Extended  

      - By Mohammed Kudrati   |   13 May 2020 7:25 PM IST

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