Basic charges of tax?

E Thangaperumal answered  •  Apr 29, 2021
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Why tax is collected?

Rubina Shaikh answered  •  Nov 18, 2019
Tax is a source of revenue for the government of the country try which it uses for the betterment of the country like infrastructural development etc

If a 20% fall in price of a commodity brings about?

Kaushal Agrawal answered  •  Oct 25, 2019
The Law of Demand states that when the price of a commodity rises, there occurs a fall in the amount purchased. Conversely, when the price of a commodity falls, the amount purchased increases.

Distinguish between the earned income and unearned income?

Aditi Kamra answered  •  Jul 11, 2019
Earned Income
The monetary benefit you receive for the work you do.
Unearned Income
The money you receive without actively working, often associated with "passive income".

What is tax planning and forms of organisation?

Mohak Gulati answered  •  Jul 01, 2019
Tax Planning is an exercise undertaken to minimize tax liability through the best use of all available allowances, deductions, exclusions, exemptions, etc.. to reduce income and/or capital gains. Tax planning can be defined as an arrangement of one’s financial and business affairs by taking legitimately in full benefit of all deductions, exemptions. allowances and rebates so that tax liability reduces to minimum. In other words, all arrangements by which the tax is saved by ways and means which comply with the legal obligations and requirements and are not colourable devices or tactics to meet the letters of law but not the spirit behind these, would constitute tax planning.... more

What are the classifications of tax, how it levied?

Mohak Gulati answered  •  Jul 01, 2019
A tax is a compulsory payment levied on the persons or companies to meet the expenditure incurred on conferring common benefits upon the people of a country. 

Classification of Taxes:
The taxes have been variously classified. Taxes can be direct or indirect, they can be progressive, proportional or regressive, and indirect taxes can be specific or ad-valorem. We spell out below the meanings of these different types of taxes.

Direct and Indirect Taxes:
The distinction between direct and indirect taxes is based on whether or not the burden of a tax can be shifted wholly or partly to others. If a tax is such that its burden cannot be shifted to others and the person who pays it to the Government has also to bear it, it is called a direct tax. Income tax, annual wealth tax, capital gains tax are examples of direct taxes. In case of a direct tax there is a direct contact between the tax payer and tax levying public authority.
On the other hand, indirect taxes are those whose burden can be shifted to others so that those who pay these taxes to the Government do not bear the whole burden but pass it on wholly or partly to others. For instance, excise duty on the production of sugar is an indirect tax because the manufactures of sugar include the excise duty in the price and pass it on to buyers. Ultimately, it is the consumers on whom the incidence of excise duty on sugar falls as they will pay higher price for sugar than before the imposition of the tax.
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Hao is round of the tax liability?

Mayank Sharma answered  •  May 15, 2019
As per section 288B​, tax payable by the taxpayer or tax refundable to the taxpayer shall be rounded off to the nearest multiple of ten, following points should be kept in mind while rounding off the tax :
First any part of rupee consisting of any paisa should be ignored.
After ignoring paisa, if such amount is not a multiples of ten, and the last figure in that amount is five or more, the amount shall be increased to the next higher amount which is a multiple of ten and if the last figure is less than five, the amount shall be reduced to the next lower amount which is a multiple of ten; and the amount so rounded off shall be deemed to be the tax payable by the taxpayer or refundable to the taxpayer.


Messy Genius answered  •  Apr 26, 2019
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Define the following terms 1.Tax credit 2. Tax liabilities 3. Tax exemption 4. Non-allowable expenses 5. Assessable income.?

Samiksha Shirish Bapat answered  •  Apr 18, 2019
Tax credit
A tax credit is an amount of money that taxpayers can subtract from taxes owed to their government. The value of a tax credit depends on the nature of the credit; certain types of tax credits are granted to individuals or businesses in specific locations, classifications or industries. Unlike deductions and exemptions, which reduce the amount of taxable income, tax credits reduce the actual amount of tax owed.

Tax Liability
A tax liability is the total amount of tax debt owed by an individual, corporation or other entity to a taxing authority like the Internal Revenue Service (IRS). It is the total amount of tax you're responsible for paying to the taxman. Tax liabilities are incurred due to earning income, a gain on the sale of an asset or other taxable events.

Tax exemption
Tax exemption is a monetary exemption which reduces taxable income. Tax exempt status can provide complete relief from taxes, reduced rates, or tax on only a portion of items. 

Assessable income
A taxpayer's "assessable income" is broadly their ordinary income and their statutory income but excludes their exempt income. When allowable deductions are deducted from assessable income, the resulting amount is a taxpayer's taxable income.

What is difference between direct tax and indirect tax?

Sunita Gupta answered  •  Mar 30, 2019
Direct tax means which amount paid by we directly to government for instance income tax etc. and indirect tax is which amount paid by we but indirectly. for instance sales tax etc.

What is meant by taxable event? Provision regarding levy and collection of tax?

Nitin Mishra answered  •  Mar 25, 2019
The tax payable by any dealer under this Act on sales of goods effected by him in the course of inter-State trade or commerce shall be levied by the Central Government and it shall be collected by the State Government from which the movement of the goods commenced. After studying this chapter we will be able to understand:

(1) Levy and collection of tax and penalties.
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What is assessments year?

Suresh Kale answered  •  Mar 08, 2019
Upcoming year after financial year is known as assessment year e. I. 2014-15 is a accounting financial year than the assessment year will 2015-16

Chandna Arora answered  •  Feb 13, 2019
Gross Total Income is a cumulative income which is computed under the five heads of income, i.e. salary, house property, business or profession, capital gain and other sources. Gross total income is calculated after the clubbing provisions and making adjustments of set-off and carry forward of losses.

Tax liability is just the legal term that means you owe money to the government because your business completed a taxable event. Business mergers that result in an increase in profits.

Gst cash limit ?

Ankit answered  •  Feb 13, 2019
The monetary limit on revenue expenditure in cash has been reduced from Rs. 20,000 to Rs.10,000(there is no change in the monetary limit pertaining to cash payment upto Rs. 35000/- to Transport Contractors). Few exceptions are also provided in Rule 6DD of the Income Tax Rules.

Define 80c and 80u?

Phalgun answered  •  Dec 20, 2018
Tax deductions help you save your tax liabilities. Deductions can be claimed on certain expenses like investments made in government schemes, fees for education, charitable contributions, insurance schemes, retirement plans, etc. The government of India has provided such deductions to inculcate the habit of saving and investing in the individual and institutional tax payers. Most of these tax savi... more

What is tax holiday?

Chandna Arora answered  •  Dec 04, 2018
A tax holiday is a government incentive program that offers a tax reduction or elimination to businesses. Tax holidays are often used to reduce sales taxes by local governments, but they are also commonly used by governments in developing countries to help stimulate foreign investment.

In what circumstances is the income of one person treated as the income of another? Explain.?

Chothy J R answered  •  Nov 26, 2018
Clubbing of income
Clubbing of income means Income of other person included in assessee's total income.
For example: Income of husband which is shown to be the income of his wife is clubbedin the income of Husband and is taxable in the hands of the husband. Under the Income Tax Act a person has to pay taxes on his income.
Generally an assessee is taxed in respect of his own income.
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Central board of direct taxes?

Chothy J R answered  •  Nov 26, 2018
The Central Board of Direct Taxes is a statutory authority functioning under the Central Board of Revenue Act, 1963 or The Central Board of Direct Taxes (CBDT) is a part of Department of Revenue in the Ministry of Finance.The CBDT is headed by a chairman and can have a maximum of six members.

How entertainment allowance are taxable?

Chandna Arora answered  •  Nov 22, 2018
Entertainment allowance is fully taxable for all private sector employees. However, government employees are eligible for exemption if the allowance is included in the gross salary.

what is person in income tax

Sanjana Chhabra answered  •  Oct 22, 2018
Person (sec2(31)): person includes:1)an individual2)a Hindu undivided family3)a company4)a firm5)an association of person or BOI6)a local authority7) every artificial juridical person

Can we supply goods dta to eou with out tax ?

Dilpreet Singh answered  •  Aug 23, 2018
Procedure regarding procurement of supplies of goods from DTA by Export Oriented Unit (EOU) / Electronic Hardware Technology Park (EHTP) Unit / Software Technology Park (STP) Unit / Bio-Technology Parks (BTP) Unit under deemed export benefits under section 147 of CGST Act, 2017 is described vide Circular No. 14/14 /2017-GST, 6th November, 2017

Let us discuss & decode the provisions in this article
Deemed Exports
As per Sec 2(39) “deemed exports” means such supplies of goods as may be notified under section 147;
Sec 147 of CGST Act: The Government may, on the recommendations of the Council, notify certain supplies of goods as deemed exports, where goods supplied do not leave India, and payment for such supplies is received either in Indian rupees or in convertible foreign exchange, if such goods are manufactured in India.

What is fission method ?

Neeraj Chauhan answered  •  Jul 23, 2018
When an atom splits into two parts, either through natural decay or when instigated within a lab, it releases energy. This process is known as fission. It has great potential as a source of power, but is also has a number of safety, environmental, and political concerns attached to it that can hinder its use.

An atom contains protons and neutrons in its central nucleus. In fission, the nucleus splits, either through radioactive decay or because it has been bombarded by other subatomic particles known as neutrinos. The resulting pieces have less combined mass than the original nucleus, with the missing mass converted into nuclear energy. 

Controlled fission occurs when a very light neutrino bombards the nucleus of an atom, breaking it into two smaller, similarly-sized nuclei. The destruction releases a significant amount of energy — as much as 200 times that of the neutron that started the procedure — as well as releasing at least two more neutrinos.

What is Reproduction method ?

Hardik Dahiya answered  •  Jul 23, 2018
Reproduction (or procreation) is the biological process by which new “offspring” (individual organisms) are produced from their “parents. ... Most importantly, reproduction is necessary for the survival of a species. The known methods of reproduction are broadly grouped into two main types: sexual and asexual.

What is Budding ?

Sujata Tanwar answered  •  Jul 23, 2018
Budding is the mode of asexual reproduction, wherein a new plant is developed from an outgrowth plant, called a bud. A bud is generally formed due to cell division at one particular site.

For example, if you keep a potato for a long time, you can notice a number of small growths, which are commonly referred to as ‘eyes’. Each of them can be planted which will grow up like a clone of an original potato plant.

What isAsexual reproduction?

Lakshya Sangtani answered  •  Jul 23, 2018
Asexual Reproduction in living organisms is the making of their offspring (young ones) from the cell of only one parent without the need for the opposite gender.

Reproduction ensures that living organisms are maintained so that as older ones die, new offsprings are produced to replace them. Reproduction in living organisms happens in two interesting ways: Sexual and Asexual Reproduction. In both ways, new offsprings are made although the processes are distinctively different. Offspring in biology is the young organism produced by its parent organism. An offspring can be a product of sexual reproduction or asexual reproduction. 

How many types of vegetative reproduction?

Mayank Sharma answered  •  Jul 23, 2018
Vegetative Reproduction Methods in Plants: (Natural and Artificial Methods)-
Vegetative propagation or vegetative reproduction is the process of multiplication in which a portion of fragment of the plant body functions as propagates and develops into a new individual.Some plants are able to multiply by vegetative methods, which involve the production of new plants without the act of fertilization or sexual union.
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