Value Added Tax(VAT) is not an expense to business. You collect from customers and pay to tax office. It's indirect tax; consumer bears the burden. Income tax is an expense to business. It's direct tax. Business pays out of its profit.
Description
Income Tax Act, 1961 governs the taxation of incomes generated within India and of incomes generated by Indians overseas. This study aims at presenting a lucid yet simple understanding of taxation structure of an individual’s income in India for the assessment year 2007-08...
Description
An income tax is a tax on individual earnings (income) that is paid to the national government.
TAX STRUCTURE IN INDIA
The Tax Structure present in India is very strong and it follows the financial year. The taxation as per the tax structure in India is applicable for any kind of...
Description
Home invasion is a term used in the United States to describe illegal and usually forceful entry to an occupied, private dwelling with violent intent to commit a crime against the occupants, such as robbery, assault, rape, murder, or kidnapping.
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INCOME FROM HOUSE PROPERTY
Tax is...
Description
An income tax is a tax on individual earnings (income) that is paid to the national government. In American English the term also applies to the same type of tax paid to city, state, or local governments, and is occasionally used in reference to corporate profits as well
STUDY...
Personal Income tax
Personal income tax is levied by Central Government and is administered by Central Board of Direct taxes under Ministry of Finance in accordance with the provisions of the Income Tax Act. The rates for personal income tax are as follows:-
Income range (Rupee) Tax Rate (%)...
Tax Payer’s Identification Number (TIN)
The Tax Payer’s Identification Number will consist of 11 digit numerals throughout the country. First two characters will represent the State Code as used by the Union Ministry of Home Affairs.
The set-up of the next nine characters may, however, be...
The Payment of Tax.
Payments that are required to be made by any person or dealer
1. Tax (Sales tax or Purchase tax)
2. Interest payable under the act
3. Penalty or fine
4. Amount collected in violation of the and forfeited
5. Fees
These payments should be made in government...
OUTPUT TAX
It is tax on the sale of goods in the state and payable according to the provisions of the state law.
It does not include any tax payable on:
• On any sale outside the state; or
• On any interstate sale.
INPUT TAX
Sales tax paid on the purchase of goods...
Need 2 Brief Answers for 10 marks if any 1 can help it would be great!!!
Need it damn urgently
The Questions are :
1)How to calculate Income from LOP and DLOP
2)Define Sales with Some Illustrations under M-Vat Act
Dear Friends
In case you have any doubt about Income tax matter as applicable in India currently, pls send your quiry on
Income tax on Salary
Income tax on House Property
Income tax on Business & Professional Income
Income tax on other Income
Tax Deduction at Source
What is TDS?
TDS means Tax Deducted at Source. It is the amount withheld from payments of various kinds such as salary, contract payment, commission etc. This withheld amount can be adjusted against your tax due.
Is TDS relevant for me as a businessman?
Yes. Payments...