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BCom Tuition > BCom Tuition Questions > Who is supposed to pay Income-tax?
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Who is supposed to pay Income-tax?

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Tuition/BCom Tuition Tuition/BCom Tuition/Income Tax Laws

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Commerce Teacher

Every person, whose taxable income for the previous financial year exceeds the minimum taxable limit is liable to pay income tax during the current financial year on the income of the previous year at the rates in force during the current financial year.
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Chartered Accountant

Every Person is liable to pay income-tax whose income is more than exemption limit.
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Trainer

Income tax is the tax imposed by the government on the annual income of a person, if it exceeds the basic exemption limit. In India the income tax is calculated as the slab rates notified by the Govt. Check out the New slab Income Tax Slab & Rates for Financial Year 2016-17 (AY 17-18). FYI: Person includes... read more
Income tax is the tax imposed by the government on the annual income of a person, if it exceeds the basic exemption limit. In India the income tax is calculated as the slab rates notified by the Govt. Check out the New slab Income Tax Slab & Rates for Financial Year 2016-17 (AY 17-18). FYI: Person includes (i) an individual, (ii) a Hindu undivided family, (iii) a company, (iv) a firm, (v) an association of persons or a body of individuals, whether incorporated or not, (vi) a local authority, and (vii) every artificial juridical person. read less
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The person who does business and whose income from the business crosses a certain limit during a particular accounting year is entitled to pay tax on the income thus generated. So this tax is called income tax.
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Chartered Accountant

A honest Indian citizen whose income crosses the slab rate fixed by government.
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Tutor

Every person earning 'Taxable Income' as defined in the Income Tax Act. Such person includes individuals, HUFs, AOPs, Firms, Companies and other entities as well.
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Commerce Tutor

Every Person as per the definition of the Income Tax Act: "person" includes. (i) an individual, (ii) a Hindu undivided family, (iii) a company, (iv) a firm, (v) an association of persons or a body of individuals, whether incorporated or not, (vi) a local authority, and (vii) every artificial juridical... read more
Every Person as per the definition of the Income Tax Act: "person" includes. (i) an individual, (ii) a Hindu undivided family, (iii) a company, (iv) a firm, (v) an association of persons or a body of individuals, whether incorporated or not, (vi) a local authority, and (vii) every artificial juridical person, not falling within any of the preceding sub-clauses; As per the above definition whosoever fall in the above definition is Person and Known as "Assessee" but for paying income tax there are different criteria as an Individual doing Job getting salary pay as per slab rate in addition to this Income tax may call upon any person as default assessee to pay income tax. read less
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According to income tax Act following persons are: supposed to pay tax: Individual as per slab rate Artificial persons: Partnership firms@30% Companies@30% Huf (Hindu undivided family) @slab rates AOA Although partnership firm has no separate legal entity in law but for the purposes of income tax it... read more
According to income tax Act following persons are: supposed to pay tax: Individual as per slab rate Artificial persons: Partnership firms@30% Companies@30% Huf (Hindu undivided family) @slab rates AOA Although partnership firm has no separate legal entity in law but for the purposes of income tax it is treated as separate entity from its partners. Above persons are liable to pay tax for their income under following heads: Income from house property Salary Buisness and profession Capital gain (gain from capital assets like property, shares etc). Other sources: Agriculture income is exempt under section 10 of the Act Various other incomes are exempt under section 10 Income of minor child is charged for tax in the hands of parents. You can further ask for any other clarification. read less
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Accounts & Fine Arts Tutor

Income tax is on tax on income the persons, it includes, individual, aop, boi, huf, a company, etc are liable to pay tax.
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Tutor

People who pay income tax are generally individuals who earn an income (from a salary, commission, fees, etc.). Corporate tax includes tax paid by companies or close corporations, as well as trusts, on their annual income. Most of the State's income is derived from Income Tax (personal and corporate... read more
People who pay income tax are generally individuals who earn an income (from a salary, commission, fees, etc.). Corporate tax includes tax paid by companies or close corporations, as well as trusts, on their annual income. Most of the State's income is derived from Income Tax (personal and corporate tax), although nearly a third of total revenue from national government taxes comes from indirect taxes, primarily Value-Added Tax (VAT). read less
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