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  • INTERVIEW QUESTIONS ACCOUNTS TAXATION DETAILS
    Question :
    What is Income Tax?


    Category Taxation Interview Questions
    Rating (0.4) By 136 users
    Added on 7/9/2011
    Views 380
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    Answers:

    Income tax is a tax paid to the central government on personal income. It is the direct tax paid on income by an individual or a company/firm within a given financial year. The Indian Income Tax department is governed by the Central Board for Direct Taxes (CBDT) (External website that opens in a new window) and is part of the Department of Revenue (External website that opens in a new window) under the Ministry of Finance (External website that opens in a new window), Government of India.

    Detailed information on all types of taxation in India can be found here.

    The Income Tax Act, 1961 (External website that opens in a new window) as amended by Finance Act 2010 (External website that opens in a new window), under Section 139 (External website that opens in a new window) makes it obligatory upon any person to file return if the person's total income or the total income of any other person in respect of which he is assessable under this Act during the previous year exceeded the maximum amount which is not chargeable to income-tax.

    Provided that a person referred to, who is not required to furnish a return under this sub-section and residing in such area as may be specified by notification in the Official Gazette, and who during the previous year incurs an expenditure of fifty thousand rupees or more towards consumption of electricity or at any time during the previous year fulfils any one of the following conditions, namely:

    * is in occupation of an immovable property exceeding a specified floor area, whether by way of ownership, tenancy or otherwise, as may be specified; or
    * is the owner or the lessee of a motor vehicle other than a two-wheeled motor vehicle, whether having any detachable side car having extra wheel attached to such two-wheeled motor vehicle or not; or
    * has incurred expenditure for himself or any other person on travel to any foreign country; or
    * is the holder of a credit card, not being an "add-on" card, issued by any bank or institution; or
    * is a member of a club where entrance fee charged is twenty-five thousand rupees or more.



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