What is the full form of IT
i) IT: Information Technology
IT stands for Information Technology in context of computers. Information Technology uses computers and software to manage information. Information Technology deals with electronic computers and computer software to store, process, convert, protect, transmit and retrieve information securely. In an organization, it includes all physical hardware, operating systems, databases, storage and servers etc. It does not refer to your personal computer or home computing and networking.
The department of Information Technology has some important fields. Following is a list of some fields:
IT is a growing field that offers various job opportunities for those with technical skills, knowledge and a bachelor's degree in an IT-related field. Some of the popular career options or designations in the IT sector are as follows:
ii) Income Tax
IT stands for Income Tax. In simple words, it is a tax on the Income, a mandatory payment made to the government. Income Tax is a progressive phenomena used by most of the countries to collect some part of the individual income. Higher income earners pay a higher tax rate as compared to lower income earners, i.e. it varies with the respective taxable income or profits of a person or entity. Central and State Governments take the income taxes from individuals, companies, firms, property etc. to run the country well. It is a major source of funds for the government to fund its activities, programmes and serve the public.
Government sets a specific amount of income and everyone whose income exceeds the maximum amount should be chargeable to the income tax at the rate prescribed under the finance act.