ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Income tax: A portion of one’s personal income paid to a government.

Detailed explanation-2: -Personal income tax is a taxation system that the government imposes on income generated by individuals. By law, taxpayers must file an income tax return annually to determine their tax obligations. The revenues from here are an important source of income for the government of India.

Detailed explanation-3: -Follow. Government revenue refers to all the income of the government from taxes and non-tax sources. These funds are used for government expenditure. Government revenues and spending are an important part of fiscal policy of the government.

Detailed explanation-4: -Personal income taxes are paid only on your taxable income. The key to reducing one’s tax liability is to reduce taxable income rather than gross income. A progressive tax is one that demands a higher percentage of a person’s income as income increases. All of a taxpayer’s income is subject to federal income taxes.