What is income tax?

[Alvi332]

Income tax is a tax paid on income. It is paid by employees and people who are self-employed. It may also be payable if you aren't working if, for example, you have an income from a pension or savings. Not all types of income are taxable and it will seldom be the case that all of your income is taxed. There is no minimum age at which a person becomes liable to pay income tax. What matters is the amount of your taxable income. If this is below a certain level, no tax is payable.
Income on which tax has to be paid includes:
earnings from employment, including benefits in kind
earnings from self-employment
most pensions income, including state, occupational and personal pensions
some social security benefits
interest on most savings
income from shares (dividends)
rental income
income from a trust.

[webmaster2021]

Very well informed Dude. I have saved your words.

[Never]

Very interesting Alvi =) Well, no one likes to pay income tax.

[greamhick]

hhmm thanx its really good for me it helps me in my subject.

[JhonMoney]

Originally Posted by Alvi332

Income tax is a tax paid on income. It is paid by employees and people who are self-employed. It may also be payable if you aren't working if, for example, you have an income from a pension or savings. Not all types of income are taxable and it will seldom be the case that all of your income is taxed. There is no minimum age at which a person becomes liable to pay income tax. What matters is the amount of your taxable income. If this is below a certain level, no tax is payable.
Income on which tax has to be paid includes:
earnings from employment, including benefits in kind
earnings from self-employment
most pensions income, including state, occupational and personal pensions
some social security benefits
interest on most savings
income from shares (dividends)
rental income
income from a trust.

It is good and informative. Thanks for sharing this.

[jamesstiphen]

Very good information thank you very much.

[sanamuskan]

Interesting and beautiful information
but no do copy and paste.

[seocorporation]

Thank you for sharing the information about income tax. Next time talk about Pan Card and its importance.

[nullifygirls]

our government collect our annual income and manage tax rules on our with money.

[Baskin]

You make a good point. Income tax is indeed tax paid based on your income. Some people may not have to pay income tax, such as native aboriginal persons. Tax rules vary by countries. Some countries could have no income tax.

[eashan]

An income tax is a tax levied on the income of individuals or businesses (corporations or other legal entities). Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive. When the tax is levied on the income of companies, it is often called a corporate tax, corporate income tax, or profit tax. Individual income taxes often tax the total income of the individual (with some deductions permitted), while corporate income taxes often tax net income (the difference between gross receipts, expenses, and additional write-offs). Various systems define income differently, and often allow notional reductions of income (such as a reduction based on number of children supported).

[richerdjohn]

Income tax is a tax who is paid on income.If the person who is employed on every place and he take a handsome salary package then he should must be paid income tax on his income at the year ended.

[logoonlinepros]

Hello,
I agree about your post. What an incredible points you have mentioned above.I think income taxes is very important factor of any national economies but, access of of taxes some time kill the the person.

[bobwillz]

Nice Topic well i think while the people hesitate to pay tax as they think they do not get any thing in return,the government states low tax collection as the main reason for non-development of the country.

[simranbebi]

Income Tax Expense is a percentage of Net Income. Your entry is correct. So you have to calculate Net Income Before Income Tax, skip a line, put Income Tax and the formula of .32*the cell with NIBIT, then total it and call it Net Income After Income Tax.

[richerdjohn]

Income tax means that the Govt.received a tax from your income at the every month end.If your annoul income is greater then the 250000 then you must want to pay the income tax.

[jenny3103]

A tax that governments impose on financial income generated by all entities within their jurisdiction. By law, businesses and individuals must file an income tax return every year to determine whether they owe any taxes or are eligible for a tax refund. Income tax is a key source of funds that the government uses to fund its activities and serve the public.

[Johnwalton]

Income tax means that the tax which paid the govt.on your total income.every country give a limit to everyone and every department employees if they are increase and reached this limit then he must be liable to pay the income tax.

[nhnaaldaia]

Very Nice Information thanks a lot.
suppose my salary is 20,000(twenty thousand) and i don't have any loan or policy then how much rupee i want to pay tax?

[Sherry09]

Thank you very much for the whole information. It helped me a lot. I was little bit aware about it but your post gave me clear idea.