Income tax

This query is : Resolved

Report Abuse Follow Query Ask a Query

Querist : Anonymous

Querist : Anonymous (Querist)

25 September 2012 what is income tax

Ajay Mishra

Ajay Mishra (Expert)
Follow

25 September 2012 Hi

Go to the following link, give the complete details of Income Tax in India:

http://en.wikipedia.org/wiki/Income_tax_in_India

Ajay Mishra

Ajay Mishra (Expert)
Follow

25 September 2012 An income tax is a tax levied on the income of individuals or businesses (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). Various systems define income differently, and often allow notional reductions of income (such as a reduction based on number of children supported).

Upgrade to CAclubindia Pro. Subscribe Now!

SANYAM ARORA

SANYAM ARORA (Expert)
Follow

25 September 2012 A tax that governments impose on financial income generated by all entities within their jurisdiction. By law, businesses and individuals must file an income tax return every year to determine whether they owe any taxes or are eligible for a tax refund. Income tax is a key source of funds that the government uses to fund its activities and serve the public.

SANYAM ARORA

SANYAM ARORA (Expert)
Follow

25 September 2012 Go through the link -

http://www.investorwords.com/2411/income_tax.html

Online classes for CA CS CMA