When someone says some entities and income are 'exempt', it means they will not be charged income tax.

Income Tax

This explainer discusses income tax, basics of filing taxes, deductions, verification process and complaint mechanisms for tax filing issues. It primarily deals with the law laid out in the Income Tax Act, 1961.

FAQs

What is a TDS Certificate?

What is 26AS Form?

What is direct and indirect tax?

Who is a resident in India according to tax law?

Is it mandatory to have a PAN card while filing taxes?

What is my constitutional duty to pay tax?

Which are the major taxes imposed by State Governments?

What is a firm?

What is a Keyman Insurance Policy?

What is a Hindu Undivided Family (HUF)?

What is a Limited Liability Partnership?

What is an Association of Persons/Body of Individuals?

What is advance tax?

What is self-assessment tax?

What is presumptive taxation?

What happens when you file an incomplete tax return form?

Can the income of a minor be taxed?

If someone gifts me property, will this be taxed? Are gifts charged to tax?

What are capital assets while calculating taxes?

What all components does the term ‘salary’ include while calculating tax?

Where can I go in person to file income tax returns?

What are the different kinds of taxes in India?

What is the Finance Act? Why is it important in relation to tax?

What can be considered as charitable purposes while filing tax returns?