What is the full form of IT?
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What is the full form of IT?
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The full form of IT is Income Tax. Income tax is a tax on the income of a person. it is mandatory for every individual who comes under tax slap to pay tax to the government of India.
Tax payment is different for every individual, It totally depends on the total earning of an individual. Government of India take income tax from companies, individual, firms, small business, etc under the Income Tax act 1961.
The government fix a tax slab on everyone's income if anyone income exceeds the slab then they have to pay income tax to the government.
The income tax is collected by the income tax department of India. It is a government body that works under theDepartment of Revenue of the Ministry of Finance.
The income tax department was founded in 1860 and headquartered in New Delhi. The responsibility of the income tax department is to enforce direct tax law and collect income for the government of India.
