Taxes, as defined, are those charges applied on payments, products, services, exchanges and administrations which the government governs. The income derived from these charges, known as taxes, is used for the nation's overall development and the welfare of the country's general public. Ranging from administration to recovery of Income-tax, the statute that is considered of utmost crucial and facilitates obtaining the charges is called the Income Tax Act, 1961 of India. As per this act, anyone who belongs to India is liable to pay taxes if they earn abo...
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