|
Computation Of Income Tax Interview Questions & Answers
Below we have listed all the Computation Of Income Tax Interview Questions and answers. Feel free to comment on any Computation Of Income Tax Interview Questions or answer by the comment feature available on the page.
To buy an eBook containing 30,000 Interview Questions, with Answers, Click Here.
View All Computation Of Income Tax Interview Questions & Answers - Exam Mode /
Learning Mode
|
Gross Income The first step in computing the amount of tax liability is the determination of gross income. Gross income is defined as "all income from whatever source derived," whether from personal services, business activities, or capital assets (property owned for personal or business purposes).
Income-tax Act has classified the income of a taxpayer under five different heads of income, which are Salaries, Income from house property, Profits and gains of business or profession, Capital gains and Income from other sources.
An income tax is 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.
|
|