Income tax is a levy demanded from the income of an individual and business organizations. The major portions of all jurisdictions collect it as a percentage of the income, though the rate varies with income ranges. Income tax becomes one of the biggest sources of income on which the governments of the world depend for public health, education, defence, and social welfare services.
Income tax generally includes:
• Earnings and salary, bonus, other income from employment,
• Income generated from business or self employment
• Properties, investments and capital gains
• The income of the same kind was regarded as the income - lottery winnings, one-time payments, etc.