Budget 2019: What is Income Tax?

Income Tax is paid by an individual, whose income exceeds the basic exemption limit of Rs 2,50,000 in a given financial year. (DH File Photo)

Income Tax

Income Tax is paid by an individual, whose income exceeds the basic exemption limit of Rs 2,50,000 in a given financial year. Under the Income Tax Act, the term ‘individual’ includes Hindu Undivided Families (HUFs), Co-operative Societies, Trusts and any artificial judicial person.