The answer is simple, it means how much tax you have to pay. If you have income taxable, then you are required to pay income tax on that income.
Income Tax is a tax levied on the income earned by individuals. In India, income tax is imposed on individuals as per the Income Tax Act, 196The basic rate of income tax is 30% and the top rate of income tax is 30.3%.
Income tax is calculated by multiplying the income by the tax rate and then adding the total to the basic tax. The income tax rates for various income groups are as follows:
Income Tax Rates
Income
Tax Rate
Rs. 1 crore
35%
In case of a company, the income tax is calculated on the profits earned by the company.
Income Tax Rates for Individuals