Income Tax Law

Income tax law refers to the set of regulations governing how individuals and businesses report their earnings and pay taxes based on those earnings to the government. This law outlines the types of income subject to tax, allowable deductions, and tax rates. People typically file income tax returns annually, detailing their income and calculating the amount owed or refund due. These taxes fund public services such as education, healthcare, and infrastructure. Compliance is mandatory, and failure to adhere can result in penalties or legal consequences. Understanding and following these laws ensures responsible citizenship and contribution to society.