Personal Income Tax Law

Personal Income Tax Law refers to the regulations governing the taxation of individuals' earnings. It dictates how much tax a person must pay based on their income, which can include wages, salaries, investment earnings, and other sources. Tax rates may vary depending on income levels and filing status (like single or married). The law allows deductions and credits that can reduce taxable income, ultimately influencing the final tax owed. Understanding these rules helps individuals fulfill their legal obligations while potentially minimizing their tax liability.