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Read latest Business News headlines, LIVE share market news and updates, Income Tax News & Updates, MCA ROC News & Updates, Company Law News & Updates, ICAI Updates, ICSI Updates, and CA, CS Student News & Updates, economic and banking news from India A tax is a mandatory financial contribution imposed by the government. Learn the concept of tax , its definition, and various types in India. What is Tax ? Meaning, Tax Concepts , and Types of Taxation The full form of tax is taxation, which is a mandatory financial charge imposed by a government on an individual's income, a company's profits, or the cost of goods, services, and transactions to fund government activities, including public services. This blog explores the fundamental tax concepts , delving into its meaning, helping you understand what is tax and how it shapes our economy. Understand the basic concepts of income tax , such as Assessment Year, Previous Year, Charge of Tax , and Income under the Income- tax Act, 1961.
