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 a corporation, it includes all physical hardware, operating systems, databases, storage and servers etc. It doesn’tsee your notebook computer or home computing and networking.
ii) Income Tax
IT stands for revenue enhancement. In simple words, it’s a tax on the Income, a compulsory payment made to the govt. revenue enhancementcould be a progressive phenomena utilized by most of the countries to gather some a part of the individual income. Higher income earners pay a bettercharge per unit as compared to lower income earners, i.e. it varies with the respective taxable income or profits of someone or entity. Central and State Governments take the income taxes from individuals, companies, firms, property etc. to run the country well. it’sa serious source of funds for the govt to fund its activities, programmes and serve the general public.