As individual taxpayers, you pay taxes on your expenses and incomes. Taxes which apply to your expenses are ‘indirect taxes’, and the taxes applicable to your income are the ‘direct taxes’. To reduce the income tax burden, you can go for tax saving investments and claim deductions for the same as per Income Tax Act, 1961.
Basics of Income Tax Investments
Taxes are one of the essential instruments for the survival of the state. Taxes collected by the Government helps in running the development projects in the country, including defence, and healthcare.
Taxpayers of the country comprise of individuals, firms and institutions. Taxes are inevitable for anyone earning and spending money.
