BUSINESS ADMINISTRATION
BUSINESS MATHEMATICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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pension
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taxable income
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net income
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withholding
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Detailed explanation-1: -income tax, levy imposed on individuals (or family units) and corporations. Individual income tax is computed on the basis of income received.
Detailed explanation-2: -It may be noted that “assessee” under the Income Tax Act, 1961 is a person by whom any tax/ other dues are payable under that Act, i.e. income-tax is to be paid by a ‘person’.
Detailed explanation-3: -The word Income has a very broad meaning. It generally means a monetary return whether received in cash or kind. The income tax department does not make any distinction between temporary and permanent income. Every the temporary income or one time income is taxable.
Detailed explanation-4: -Gross income refers to the total income earned by an individual on a paycheck before taxes and other deductions. It comprises all incomes received by an individual from all sources – including wages, rental income, interest income, and dividends.