Social Sciences, asked by aryan180305singh, 1 year ago

how to write one page on income tax

Answers

Answered by rambharatupadhyay
3

Answer:

Explanation:

Updated: 03-07-2019 11:41:46 AM

Income tax is the annual direct tax on income which every individual, corporate firm, local authority or company is legally required pay to the government if they fulfil certain criteria. This tax on income is calculated on the net taxable income of a person or entity for the applicable fiscal.

In India, tax on income is applicable at incremental income tax slab rates i.e. lower income is taxed at a lower slab Under existing rules of the IT Act, any individual/business with income irrespective of the amount earned is liable to file income tax returns. But, currently tax on income is payable only if the net taxable income for a fiscal exceeds Rs. 2.5 lakh. The following are the key types of individuals and entities who are liable to pay tax provided their net taxable income for FY 2018-19 exceeds the prescribed limit:

Salaried individuals

Self-employed individuals

Self-employed professionals

Hindu Undivided Family (HUF)

Legally recognised artificial persons

Body of Individuals (BOI)

Association of Persons (AOP)

Answered by ᎷíssGℓαмσƦσυs
1

Answer:

please new account banao mujhey baat karni hai

Similar questions