1. What Are Income Tax Slabs? Income tax slabs define the progressive tax rates applied to different income ranges. As your income increases, the applicable tax rate also increases—a system aimed at equity and fairness in taxation. 2. Old Regime vs New Regime Old Regime: Higher tax rates, but allows deductions/exemptions (like 80C, 80D, HRA, […]
Ancient Beginnings Mentioned in Manu Smriti, with traders & artisans paying ~20% of income; agriculturists paid between 1/6 and 1/10 in kind. Kautilya’s Arthashastra (~230 BC) introduced structured taxation: fixed rates (e.g. 1/6 for farmers), progressive slabs, scheduled payments, tolls, export/import duties First Modern Income Tax – 1860 Introduced by Sir James Wilson to offset losses
What is Income Tax Income tax is a portion of your earnings that you pay to the government. It’s used to fund vital services like healthcare, education, infrastructure, and national security. TAX – Let’s Start Simple! Think of income tax as your share in keeping the country running. The money you contribute helps maintain public
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