What is Income Tax? — Meaning, Definition & Example
Definition
Income Tax is a direct tax levied by the Government of India on individual and corporate income. India has two tax regimes — Old Regime (with deductions under 80C, 80D, HRA etc.) and New Regime (lower rates, fewer deductions). The tax year runs from April 1 to March 31.
Under the New Tax Regime 2026, income up to ₹12 lakh is effectively tax-free (with standard deduction), while income above ₹24 lakh is taxed at 30%.
🇮🇳 Income Tax in Hindi / हिंदी में
इनकम टैक्स — इनकम टैक्स भारत सरकार द्वारा व्यक्तिगत और कॉर्पोरेट आय पर लगाया जाने वाला प्रत्यक्ष कर है। भारत में दो कर व्यवस्थाएं हैं — पुरानी और नई।
Income Tax (Hinglish) — Income Tax wo direct tax hai jo Government of India individual aur corporate income pe lagaati hai. India mein do regimes hain — Old (80C, HRA wali deductions) aur New (lower rates, kam deductions).