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Income tax is a direct tax levy carried out by the government following the income of the people and other affected groups. It is one of the most important revenues of any state as it finds use in infrastructure and public services, among other government activities. To taxpayers, knowledge of the tax laws and policies governing tax income is important in compliance observation, maximization of tax savings, and obviation of possible legal repercussions. This article focuses primarily on the rules governing income tax, touching all the concepts, slabs of tax, deductions, filing requirements, and a few common regulations.