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of <h1>Understanding Income Tax: Salaries, Business Profits, Investments, and Capital Gains Under Income-tax Act, 1961</h1> Income tax is imposed on the income of every individual or entity, with a broad and inclusive definition under the Income-tax Law. For salaried individuals, income includes all forms of compensation from an employer, whether in cash, kind, or facilities. For business owners, income is the net profit. Income can also arise from investments, such as interest, dividends, and commissions, or from the sale of capital assets like buildings or gold. The computation of taxable income is governed by the Income-tax Act, 1961, which outlines detailed conditions for various income categories.
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