Income tax is imposed on individuals and businesses by the government based on their earnings. For Aarushi with an annual income of Rs 6,50,000 from her firm, she would be required to pay income tax.
Income tax is a tax imposed on individuals and businesses by the government on the income they earn. In the case of Aarushi, with an annual income of Rs 6,50,000 from her proprietorship firm, she would be subject to paying income tax based on the tax rates set by the government for her income bracket. The income tax amount she would pay can be calculated based on the tax percentages applied to her income.
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