what is income tax
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Answer / ramesh
INCOME TAX IS A DIRECT TAX WHERE THE ASSESSE HAS TO PAY ON
HIS INCOME EARNED DURING THE FINANCIAL YEAR.
The income Tax Act classififes the income of
individuals into 5 different sources.
1) Income form Salaries.
2) Income from business and profession.
3) Income from house property.
4) Capital Gains.
5) other income.
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Answer / ashid puzhakkal, m.com.,b.ed.
Income tax is the levy paid by the assessee to the Govt. on
the income earned during a particular year
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Answer / guest
Income tax = taxable income * applicable tax rate - tax offsets
taxable income = assessable income - deductions
assessable income = ordinary income + statutory income
Is This Answer Correct ? | 0 Yes | 1 No |
Suppose My received Interest Income is 24934.59 And for the same time my Bank Charge total is 7785.19. Now the total Bank Charge will be deducted from Interest Income and the amount of (24934.59-7785.19)=17149.40 will be withdrawn to deposit in govt. Account.What will be the Journal Entry for 17149.40. Here, Already Bank Charge 7785.40 is Already Debited and 24934.59 is already credited in Journal.
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