An income tax is a tax imposed on individuals or entities/business(taxpayers) that varies with respective income or profits (taxable income). Income tax generally is computed as the product of a tax rate times taxable income. Taxation rates may vary by type or characteristics of the taxpayer.
The tax rate may increase as taxable income increases (referred to as graduated or progressive rates). The tax imposed on companies is usually known as corporate tax and is levied at a flat rate. Individual income is often taxed at progressive rates. For firm, LLP flat rate is applicable like Flat 30% tax.
Income tax is a direct tax payable by every individual and various types of assesse . It is a product of a tax rate coupled by a factor on income after allowing for exemptions and deductions. But the government has set aside some tax slab which has certainly given for a class of assesse..