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if we earn more than 1,50,000 RS in a year...That is camaya ham, khay sarkar...BOLA NA BABA KAMANEY ME LAGNEY WALA KAR...look every individual with income of any kind is liable for income tax.basically its tax paid on income within in a given finacial year.........got it now.....its an tax on ur annual income Sir. Simple...its part of ur income which is paid to govt so that they can run the country
Posted in
Delhi by
harish
at
3:47 PM on March 07, 2008
earning income from salary is under obligation to deduct, certain amount of tax, from such payments made during the financial year. Such deduction from the payment is called Tax Deducted at Source i.e. TDS to his employer then he has to estimate his total taxable income under the different heads of income during the previous year, and pay tax thereon during the financial year itself, after excluding the tax
Posted in
Personal Finance & Tax by
seeta rani
at
4:30 PM on October 08, 2008
of each year.Income from dividend results from the distribution of company assets among its shareholders. No dividend income gets generated if the company re-invests the profits into its business of each year....Distribution of earnings to shareholders that may be in the form of cash,stock, or property. Mutual fund dividends are paid out of income, usually on aquarterly basis, from interest generated
Posted in
Personal Finance & Tax by
shyam singh
at
12:37 AM on September 26, 2008
Tax payers whose total income is likely to be chargeable to tax for the assessment year are required to pay tax in advance during the financial year April 1 to March 31 on their estimated current income, which will be assessable to tax during the next following financial year called assessment year. The current income for this purpose means the total income which will be chargeable to tax
Posted in
Personal Finance & Tax by
seeta rani
at
7:33 PM on September 18, 2008
Capital Gainso Income from other sources The income is subjected to adjustment of losses of the current years and earlier years. The income after the adjustment of losses is the "gross total income to adjustment of losses of the current years and earlier years. The income after the adjustment of losses is the "gross total income". From the gross total income the prescribed deductions under
Posted in
Personal Finance & Tax by
akash singh
at
11:11 PM on September 22, 2008
Salary is not included under company. To the total income so obtained, current and brought forward losses should be adjusted for set off in subsequent assessment years to arrive at the gross total Income be carried forward for eight consecutive financial years and can be set off against the profits of subsequent years. From the gross total income, prescribed deductions under Chapter VI A are made to get
Posted in
Personal Finance & Tax by
akash singh
at
11:12 PM on September 22, 2008
