Income tax services involve tax planning, preparation, and filing services to ensure compliance with tax laws and maximize tax efficiency for individuals and businesses.
Frequently Asked Questions (FAQ) about Income Tax
Income tax is a tax levied by the government on the income earned by individuals, businesses, or other entities within its jurisdiction. It is a key source of revenue for funding government operations and public services.
Individuals, including salaried employees, self-employed professionals, business owners, and investors, are generally required to pay income tax on their earnings. Additionally, certain types of organizations, such as companies and partnerships, are also subject to income tax.
Profits received from investing is taxable. For different types of investments, the rules for taxation are different.