What is income tax?
Income tax is a government levy on earnings received by individuals and businesses.
Why is income tax important?
It funds public services such as healthcare, education, and infrastructure.
How is income tax calculated?
Tax authorities apply rates to taxable income after allowances and deductions.
Who pays income tax?
Individuals and businesses pay income tax based on earnings.
How is income tax reported?
Tax returns are submitted to declare income and calculate liabilities.