Income tax is a tax levied by the government on income earned by individuals and entities within its jurisdiction.

Individuals, businesses, and other entities that earn income above a specified threshold are required to pay income tax.

Income tax is calculated based on the taxable income of an individual or entity, which is gross income minus allowable deductions and exemptions. Tax rates vary based on income levels and filing status.

Tax deductions reduce the taxable income, such as expenses related to healthcare, education, and donations. Exemptions are a portion of income that is not subject to tax, like allowances for dependents.

Income tax slabs are the different categories of income levels that determine the rate at which taxes are levied. These slabs vary from country to country and can change from year to year.

TDS is a system where tax is deducted from the income source itself (like salary, rent, interest) before it is paid to the recipient. It ensures a steady stream of revenue for the government and reduces the burden of tax payment on taxpayers.

Advance tax is the payment of income tax in installments during the financial year, based on estimated income. It applies to individuals and businesses with significant tax liabilities.

Income tax returns are filed annually to report income, deductions, and tax liability to the tax authorities. This can usually be done online through a government portal or with the help of a tax professional.

Late filing of income tax returns may attract penalties or interest charges, depending on the tax laws in your country. It's important to file returns on time to avoid such consequences.

You can reduce your tax liability through various means such as investing in tax-saving instruments (like Provident Fund, National Savings Certificate), claiming deductions for expenses (like medical insurance premiums, home loan interest), and taking advantage of exemptions available under tax laws.