Income tax is a tax imposed by the government on the income earned by individuals and businesses. It is typically based on a percentage of the income earned, and the percentage can vary depending on the person's income level and other factors. Income tax is often used to fund government programs and services, such as education and healthcare.

The benefit of GST (Goods and Services Tax) is that it simplifies the taxation system by replacing multiple taxes with a single tax. This makes it easier for businesses to comply with tax laws and can also lead to lower prices for consumers. Additionally, GST can help increase government revenue and promote economic growth.

The objective of financial reporting is to provide relevant, reliable, comparable and understandable information that is useful for making economic decisions. This information is intended to help users of financial reports, such as investors, lenders, and other creditors, assess the financial performance, financial position, and cash flows of an entity. This can help them make informed decisions about providing resources to the entity, such as investing in its securities or extending credit. Additionally, financial reporting can also help managers, employees, and other stakeholders assess the entity's performance and position, as well as its ability to generate future net cash inflows.

Labour law is essentially a social security mechanism designed to provide protection and benefits to employees, ensuring that the conduct of their employers is regulated. Given the profit-making and highly competitive approach of employers, labour laws ensure that the interests of employees are not ignored. They also protect employees from inhumane working conditions, exceptionally low wages, and helplessness in the event of accidents or other similar misfortunes.