Basic Concepts of Income Tax | Part 1 | Income Tax | AS Updates & Knowledge #asupdates

BASIC CONCEPTS OF INCOME TAX Part 1
-Income tax is a direct tax that a government levies on the income of its citizens.
-The Income Tax Act, 1961, mandates that the central government collect this tax.
-The government can change the income slabs and tax rates every year in its Union Budget.
-Income does not only mean money earned in the form of salary.

#Basic_Concepts #Income_Tax l #asupdates #CBDT #Section80C

Time-Stamps
00:00 Intro
00:22 Types of Taxes in India
01:28 Introduction of Income Tax
02:12 Types of Year in Income Tax
03:06 Types of Persons under Income Tax
06:35 Income Tax Slabs for Individual & HUF
14:03 Income Tax Slabs for AOPs/BOIs/Any Other Artficial Juridical Person
15:03 Income Tax Rate for Firm
15:29 Income Tax Rate for Local Authority
15:48 Income Tax Rate for Domestic Company
17:27 Income Tax Rate for Foreign Company
17:49 Income Tax Rate for Co-operative Society
18:45 Income Tax Exemptions & Deductions
20:17 Deduction Available U/s 80C, 80D, 80E, 80G, 80EE, 80TTA

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