income tax//money//finance//economy//blackmoney//income tax act 1961//Paisa @theacademy_ngp

In this video we summarise the Income Tax Act of India. The Income tax act not only forms the basis for tax collection but it also provides for tax exemptions to various entities, including Government funded entities, engaged in objects which are charitable in nature, in order to encourage and fulfil social objectives, in areas such as charity, religion, medical, education etc. The Income Tax Department (ITD) has the responsibility of ensuring that incomes of genuine and eligible Trusts and Institutions only are exempted from levy of income tax and that they pay the correct amount of tax.
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