MANAGEMENT

Detailed explanation-1: -Taxes like the income tax and the goods and services tax (GST) are primarily imposed to generate money. Following that, this money is used for things like funding public welfare programs, maintaining public infrastructures like roads and utilities, and more.

Detailed explanation-2: -Any Indian person under the age of 60 who earns more than Rs 2.5 lakh is required to pay income tax.

Detailed explanation-3: -Individual income tax has remained the top source of income for the U.S. government since 2015.

Detailed explanation-4: -individual income tax is the federal government’s biggest source of revenue. About 50 cents of every dollar the government collects come from this source.