Income tax in India

Sat, 16 May 2026 00:00:00 +0000

Income tax in India is the direct tax levied on the income of individuals, Hindu Undivided Families (HUFs), companies, firms, associations of persons, and other taxpaying entities under the Income Tax Act, 1961. The Act is administered by the Income Tax Department under the Central Board of Direct Taxes (CBDT) within the Department of Revenue of the Ministry of Finance. Income tax is the principal direct-tax revenue source for the Government of India, contributing approximately Rs 15 lakh crore in gross collections in financial year 2024-25 (corporate and personal income tax combined), representing the largest single component of central-government direct-tax revenue.

Direct Tax on WebNotes

Income tax in India