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Tax and IT

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Overview

Tax is a mandatory financial charge imposed by governments on individuals, businesses, or other entities to fund public services and infrastructure. Income Tax (IT) specifically refers to the tax levied on an individual’s or organization's earnings. It is usually calculated based on income slabs or tax brackets, with rates varying depending on income levels and the applicable tax laws of a country. Individuals and businesses are required to file annual tax returns, disclosing their income and eligible deductions. Proper compliance with income tax laws is essential to avoid penalties and support national economic development.

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