What is Income Tax?
People often ask themselves why they need to understand the tax laws and calculate their income tax. The reason for this is because your taxable income determines how much tax you pay to the government and to whom. For instance, you would have paid tax if you worked for a company with employees. Some employees are not compensated in cash like some others. Their salaries are paid through their salaries are based on a percentage of their performance or other metrics. We will know how long does It take to get tax refund ? Taxing the employees based on their performance is the norm but what about those people who are paid without any cash compensation? They are paid with salaries that are given at a specified level. These employees may also be paying the tax based on the amount of money that they are paid. There are even individuals who are compensated through the services rendered by them to the company. And these services may also be termed as income. On the other hand...