INCOME TAX
Sumit Singhal
(Querist) 31 January 2010
This query is : Resolved
WHAT IS INCOME TAX & USE IN BUSINESS,INDIVIDUAL LIFE
Sumit Singhal
(Querist) 31 January 2010
WHAT IS CALCULATE THE INCOME TAX & WHAT ARE THE LIMITATIONS OF INCOME TAX & PLEASE SEND THE INCOME TAX CHART.
A V Vishal
(Expert) 31 January 2010
An income tax is a tax levied on the income of individuals or business (corporations or other legal entities). Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive. When the tax is levied on the income of companies, it is often called a corporate tax, corporate income tax, or profit tax. Individual income taxes often tax the total income of the individual (with some deductions permitted), while corporate income taxes often tax net income (the difference between gross receipts, expenses, and additional write-offs).
Guest
(Expert) 31 January 2010
NANDKUMAR B.SAWANT.M.COM.LL.B.(MUMBAI),ADVOCATE
MOBILE.09271971251
e.mail.adv.nbsawant@yahoo.co.in
e.mail.nandkumarbs@sify.com
INCOME TAX IS CHARGED ON ANNUAL INCOME OF ANY INDIVIDUAL OF PERSON. RATES OF INCOME TAX CHANGE AS PER BUDGET.IT IS PAYABLE TO LOCAL GOVT.
Kumar Thadhani
(Expert) 31 January 2010
Every reponsible citizen and law abiding person/s whose incomeexceeds the taxable limits after availing of some exemptions an deductions permissible under Incometax Act 1961 shall have file their returns of income declaring the true and correct income for the respective years in which income is earned or accrues. Its usefulness depends from individual to individual just as applying for visas for foreign countries or for applying for bankloans etc.Rates of Income-tax varies each year at the time of financebudget.Regarding the limitation your query is not clear kindly clarfy.
Raj Kumar Makkad
(Expert) 31 January 2010
I also have the same opinion as expressed by all learned experts here.
Sachin Bhatia
(Expert) 31 January 2010
A tax on any money earned during a fiscal year, usually filed on a yearly basis. An income tax is a tax levied on the financial income of people, corporations, or other legal entities.
