Location Set your Location

Login Ask & Answer Success Stories Courses Tuition & Classes Fees Write a Review All Categories Help Center
Post your Learning Need Signup as a Tutor
✕

Popular Cities

Bangalore Hyderabad Delhi Mumbai Chennai Pune Kolkata Gurgaon Ahmedabad Jaipur Noida
✕

Popular Categories

Class 12 Tuition Class 11 Tuition Class 10 Tuition Class 9 Tuition Spoken English Class 6 to 8 Tuition IELTS Coaching Class 1 to 5 Tuition Java Training Python Training German Language
true
✕

Find the best tutors and institutes for BCom Tuition

Find Best BCom Tuition

Please select a Category.

Please select a Locality.

No matching category found.

No matching Locality found.

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

Search for topics

Who is supposed to pay Income-tax?

Asked by Last Modified  

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

Follow 0
Answer

40 Answers

Please enter your answer

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.
Comments
Dislike Bookmark

Chartered Accountant

Every Person is liable to pay income-tax whose income is more than exemption limit.
Comments
Dislike Bookmark

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
Comments
Dislike Bookmark

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.
Comments
Dislike Bookmark

Chartered Accountant

A honest Indian citizen whose income crosses the slab rate fixed by government.
Comments
Dislike Bookmark

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.
Comments
Dislike Bookmark

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
Comments
Dislike Bookmark

Tutor

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
Comments
Dislike Bookmark

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.
Comments
Dislike Bookmark

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
Comments
Dislike Bookmark

View 38 more Answers

Related Questions

Ramakrishna asked

How to make pakka Nati style Chicken Biriyani?
29/06/2020
6
Abdul asked

I'm doing graduation in b.com.suggest me some best crash courses /short term courses which I can do along with graduation & will benefit me in future  
10/09/2020
110
Priya asked

Which is the best proffessnal Course for become an entrepreneurs or business for women in india? 
16/03/2020
43

Now ask question in any of the 1000+ Categories, and get Answers from Tutors and Trainers on UrbanPro.com

Ask a Question

Related Lessons

📈📊🏆 Excelling in Sales, requires the approach towards it to be S M Art
We understand that every progressive organisation like yours wants their sales team to succeed in sales. To excel in selling, the approach towards it should be very SMArt. With the availability of information...

Srinivasa Rao Bommina | 09 Feb

0 0
0
ENVIRONMENTAL ECONOMICS

Richa M. | 29/08/2020

1 0
0
13th & 14th Finance Commission

Richa M. | 29/08/2020

0 0
0

Recommended Articles

5 Engaging Activities For Children To Get...

It is very common for a child to complain that they are bored. Elders remain engrossed in their hectic schedule and children are the most affected ones. When in school, though they keep a busy schedule, but what next? After coming home, today s generation spends maximum time with nannies or caretakers. While the latter...

Read full article >

Top Benefits of e-Learning

With the current trend of the world going digital, electronic renaissance is a new movement that is welcomed by the new generation as it helps makes the lives of millions of people easier and convenient. Along with this rapidly changing movement and gaining popularity of Internet, e-Learning is a new tool that emerging...

Read full article >

The Rising Problems in Indian Government School

With the mushrooming of international and private schools, it may seem that the education system of India is healthy. In reality, only 29% of children are sent to the private schools, while the remaining head for government or state funded education. So, to check the reality of Indian education system it is better to look...

Read full article >

The Trend of E-learning and it s Benefits

If the internet has made it s way to all aspects of human life, no far stands classrooms from it. The boons of internet have entered the classrooms in the form of devices and this penetration of technology in the academic system is termed as e-learning. E-learning is a kind of teaching where computers with internet connection...

Read full article >

Find BCom Tuition near you
BCom Tuition in Delhi
BCom Tuition in Mumbai
BCom Tuition in Bangalore
BCom Tuition in Hyderabad
BCom Tuition in Chennai
BCom Tuition in Kolkata
BCom Tuition in Pune
BCom Tuition in Gurgaon
BCom Tuition in Jaipur
BCom Tuition in Ahmedabad

Looking for BCom Tuition ?

Find best BCom Tuition in your locality on UrbanPro.

Are you a Tutor or Training Institute?

Join UrbanPro Today to find students near you
X

Looking for BCom Tuition Classes?

Find best tutors for BCom Tuition Classes by posting a requirement.

  • Post a learning requirement
  • Get customized responses
  • Compare and select the best
Post your learning requirement

Looking for BCom Tuition Classes?

Find best BCom Tuition Classes in your locality on UrbanPro

Post your learning requirement
    UrbanPro

UrbanPro.com is India's largest network of most trusted tutors and institutes. Over 25 lakh students rely on UrbanPro.com, to fulfill their learning requirements across 1,000+ categories. Using UrbanPro.com, parents, and students can compare multiple Tutors and Institutes and choose the one that best suits their requirements. More than 6.5 lakh verified Tutors and Institutes are helping millions of students every day and growing their tutoring business on UrbanPro.com. Whether you are looking for a tutor to learn mathematics, a German language trainer to brush up your German language skills or an institute to upgrade your IT skills, we have got the best selection of Tutors and Training Institutes for you. Read more

ThinkVidya Learning Pvt Ltd © 2010-2021All Rights Reserved