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Answer Posted / ramesh
INCOME TAX IS A DIRECT TAX WHERE THE ASSESSE HAS TO PAY ON
HIS INCOME EARNED DURING THE FINANCIAL YEAR.
The income Tax Act classififes the income of
individuals into 5 different sources.
1) Income form Salaries.
2) Income from business and profession.
3) Income from house property.
4) Capital Gains.
5) other income.
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