Question { TATA, 17254 }

what r the heads of taxation

Answer

The following are the five heads of income under Income Tax
Act 1961

1) Income from Salary

2) Income from House Property

3) Income from Business/Profession

4) Income from Capital Gains

5) Income from Other Sources

The above all incomes added - comes a figure is called the
Gross Taxable Income

then deduct the external deductions u/s.80

We will get the Taxable Income

Afterwards we will compute the tax on taxable Income

Ok

Question { 64626 }

what r the deductions from salary ?

Answer

The following are the deductions from the Salary:

Last Year Standard deduction is their (At present there is
no standard deduction - removed Asst.Year 2007-08)

Entertainment Allowance as deduction u/s.16(ii)

Profession Tax allowed as a deduction u/s.16(iii)

Question { Arihant, 14333 }

Which of the following is chiefly present in LPG (Liquefied
Petroleum Gas)?

(a) Methane

(b) Ethane

(c) Propane

(d) Butane

Answer

(a) Methane

Question { Capital IQ, 87828 }

what is indirect tax?

Answer

A tax that is not assessed on and collected from those who
are intended to bear it. Unlike a direct tax,it cannot take
individual circumstances into account. Although levied on
producers, the burden of an indirect tax may be 'shift' to
consumers.
Ex: value added tax, sales tax, payroll tax and excise duties.

Question { Infosys, 124246 }

what are concepts and conventions of accounting

Answer

** Concepts = Idea, notion, thought, Perception

The following are concepts of Accounting :
* Separate Legal Entity Concept,
* Going Concern Concept,
* Money Measurement Concept,
* Accounting Period Concept,
* Dual Aspect Concept,
* Matching Concept,
* Cost Concept,
* Realization Concept,
* Accrual Concept,
--------------------------------------
** Conventions = Habits, Practices
The following are conventions of accounting:
* Convention of Disclosure,
* Convention of Materiality,
* Convention of Consistency,
* Convention of Conservatism

Question { Genpact, 13371 }

company prepares accounts sometimes on cash basis ,
sometimes on accural basis
A)TRUE B)FALSE C)SOMETIMES TRUE D)SOMETIMES FALSE

Answer

False

It is not Accural Basis, It is Accrual Basis