Income Tax is a direct tax you pay to the Government of India on the income you earn. It is governed by the Income Tax Act, 1961, (It will changed to Income Tax Act,2025 from FY 2025-26) and administered by the Central Board of Direct Taxes (CBDT). In view of Circular No. 15/2025 dated 29th October 2025, the due date for filing Income Tax returns has been extended from 31st October 2025 to 10th December 2025 for assessees specified in clause (a) of Explanation 2 to sub-section (1) of section 139 of the Income-tax Act, 1961. Learn what income tax is, how it is calculated, and why it is important for nation-building and social welfare. Explore the historical development, current trends, and recent changes in the Indian income tax system. Here is the simplified guide on income tax basics for beginners. Know about terms like tax year, salary, deductions, medical expenses, heads of income.
