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Q.

Do you have any idea about Income tax ??

Tags: income tax, law & legal
Asked by Sunil Sahani, 21 Jul '10 10:45 pm
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Answers (8)

1.

Income Tax is a tax imposed by the Government of India on anybody who earns income in India. Any Individual or group of Individual or artificial bodies who/which have earned income during the previous years are required to pay Income tax on it. The IT Act recognizes the earners of income under 7 categories. Each category is called a "Status". These are Individuals, Hindu Undivided Family [HUF], Association of Persons [AOP], Body of individuals [BOI], Firms, Companies, Local authority, Artificial juridical person. But when Companies pay taxes under the Income tax Act it is called "Corporate tax"..

Income earned in the twelve months contained in the period from 1st April to 31st March (commonly called Financial Year (FY) is taken into account for purposes of calculating Income Tax. Under the income tax Act this period is called a "Previous Year".

An Assessment Year (AY) is the twelve-month period 1st April to 31st March immediately following the previous year. In the Assessment y ...more
Answered by Joseph Chacko, 22 Jul '10 12:46 am

 
  
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2.

It is Tax on your Earnings in a financial year, allowing an exemption of a minimum amount from the total as basic exemption. The rate of tax varies with the slabs of income ranging between 10 and 30 percent.
Answered by subhash tiwari, 21 Jul '10 10:56 pm

 
  
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3.

Idea I Pay income tax in Lacs buddy
Answered by SriniVenkat, 21 Jul '10 10:50 pm

 
  
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4.

No. iam NRI
Answered by yusuf syed, 22 Jul '10 10:40 am

 
  
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5.

It is a tax that is imposed on the income of an individual during a period of time, say one year, etc.,
Answered by rajnikant raiyarela, 22 Jul '10 10:11 am

 
  
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6.

As a responsible citizen we shall have awareness of tax laws.
Answered by sudhakar kuruvada, 22 Jul '10 04:32 am

 
  
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7.

INCOME TAX CAN BE PAID TILL THE END OF JULY, THIS YEAR ASSESSSING YOUR INCOME, ATTACH COPY OF CHALAN WITH WHICH MONEY PAID ALONGWITH DETAILS OF YOUR INCOME & EXPENDITURE, OTHER INCOME ETC. ON THE SUITABLE FORM. CONTACT A CONSULTANT, HE WILL DO IT FOR YOU. aVOID TAKING YOUR OWN MIND.
Answered by Om Shrivastava, 22 Jul '10 03:25 am

 
  
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8.

What sort of idea
Answered by sm, 21 Jul '10 10:45 pm

 
  
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We can expect this from new govtThe present govt budget wont have this If they increase the slab and reduce the rate, then it will be nice..more

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