Jun. 29 – Income tax in India is a tax paid to the central government on personal income. It is the direct tax paid on income by an individual or a company/firm within a given financial year. The Indian Income Tax Department is governed by the Central Board for Direct Taxes and is part of the Department of Revenue under the Ministry of Finance. Individual income tax (IIT) in India is based on resident-status and the source of the income. Residents are taxed on their global income whereas non-residents are only taxed on their income that is sourced, received, or