UrbanPro
Login Ask & Answer Success Stories Paid Courses Free Classes Tuition & Classes Fees Write a Review All Categories Help Center
Post your Learning Need Signup as a Tutor
✕

Popular Cities

Bangalore

Hyderabad

Delhi

Mumbai

Chennai

Pune

Kolkata

Gurgaon

Ahmedabad

Jaipur

Noida

✕

Take BCom Tuition from the Best Tutors

  • Affordable fees
  • 1-1 or Group class
  • Flexible Timings
  • Verified Tutors

Book a Free Demo

BCom Tuition > Learn BCom Tuition > Who is supposed to pay Income-tax?
✕

Search in

Who is supposed to pay Income-tax?

Asked by Last Modified  

40 Answers

Learn BCom Tuition +1 Income Tax Laws

Follow 0
Answer

Please enter your answer

Commerce Teacher

Every person, whose taxable income for the previous financial year exceeds the minimum taxable limit is liable to pay income tax during the current financial year on the income of the previous year at the rates in force during the current financial year.
Comments
Dislike Bookmark

Tutor

People who pay income tax are generally individuals who earn an income (from a salary, commission, fees, etc.). Corporate tax includes tax paid by companies or close corporations, as well as trusts, on their annual income. Most of the State's income is derived from Income Tax (personal and corporate...
read more
People who pay income tax are generally individuals who earn an income (from a salary, commission, fees, etc.). Corporate tax includes tax paid by companies or close corporations, as well as trusts, on their annual income. Most of the State's income is derived from Income Tax (personal and corporate tax), although nearly a third of total revenue from national government taxes comes from indirect taxes, primarily Value-Added Tax (VAT). read less
Comments
Dislike Bookmark

The person who does business and whose income from the business crosses a certain limit during a particular accounting year is entitled to pay tax on the income thus generated. So this tax is called income tax.
Comments
Dislike Bookmark

Tutor

Every person earning 'Taxable Income' as defined in the Income Tax Act. Such person includes individuals, HUFs, AOPs, Firms, Companies and other entities as well.
Comments
Dislike Bookmark

Chartered Accountant

A honest Indian citizen whose income crosses the slab rate fixed by government.
Comments
Dislike Bookmark

Accounts & Fine Arts Tutor

Income tax is on tax on income the persons, it includes, individual, aop, boi, huf, a company, etc are liable to pay tax.
Comments
Dislike Bookmark

Tutor

According to income tax Act following persons are: supposed to pay tax: Individual as per slab rate Artificial persons: Partnership firms@30% Companies@30% Huf (Hindu undivided family) @slab rates AOA Although partnership firm has no separate legal entity in law but for the purposes of income tax it...
read more
According to income tax Act following persons are: supposed to pay tax: Individual as per slab rate Artificial persons: Partnership firms@30% Companies@30% Huf (Hindu undivided family) @slab rates AOA Although partnership firm has no separate legal entity in law but for the purposes of income tax it is treated as separate entity from its partners. Above persons are liable to pay tax for their income under following heads: Income from house property Salary Buisness and profession Capital gain (gain from capital assets like property, shares etc). Other sources: Agriculture income is exempt under section 10 of the Act Various other incomes are exempt under section 10 Income of minor child is charged for tax in the hands of parents. You can further ask for any other clarification. read less
Comments
Dislike Bookmark

Assessee is liable to pay income tax above exemption tax slab brackets.
Comments
Dislike Bookmark

Trainer

Income tax is the tax imposed by the government on the annual income of a person, if it exceeds the basic exemption limit. In India the income tax is calculated as the slab rates notified by the Govt. Check out the New slab Income Tax Slab & Rates for Financial Year 2016-17 (AY 17-18). FYI: Person includes...
read more
Income tax is the tax imposed by the government on the annual income of a person, if it exceeds the basic exemption limit. In India the income tax is calculated as the slab rates notified by the Govt. Check out the New slab Income Tax Slab & Rates for Financial Year 2016-17 (AY 17-18). FYI: Person includes (i) an individual, (ii) a Hindu undivided family, (iii) a company, (iv) a firm, (v) an association of persons or a body of individuals, whether incorporated or not, (vi) a local authority, and (vii) every artificial juridical person. read less
Comments
Dislike Bookmark

Chartered Accountant

Every Person is liable to pay income-tax whose income is more than exemption limit.
Comments
Dislike Bookmark

View 38 more Answers

Related Questions

Please suggest good computer courses for my son 16 year old studying 12th commerce.
Ms office & Tally
Rohini
What is the difference between Cash & Cash Equivalent?
1. Cash means Paper money , coins , Money order etc But, Cash Equivalent means Highly Liquidable Securities 2. Cash has not any Time period . It is Demand Receipt But , Cash Equivalent Take some time...
Madhav
I want to know about B.Com in human resource management. What's the scope of B.Com in Human resource management in India and about the salary earned by it. How much salary is earned in it?
Totally depends upon candidate knowledge.
Abdul
What is your advice for first year bcom students?
If you have grip in basics . You can place in good position by the end of your course. So do hard work in the beginning itself
Mrunal
0 0
7
I have studied my degree bcom in st marys degree college. but i discontinued in 3rd year in 2014. not in 2016 is it possible for me to get re-admission in 3rd year and write regulars exam in march/april.
Yes you can get re admission in third year and continue under regular stream. Let me know whether you come under Osmania University or not.
Jasper
0 0
8

Now ask question in any of the 1000+ Categories, and get Answers from Tutors and Trainers on UrbanPro.com

Ask a Question

Related Lessons

Cost Accounting-Marginal Costing
Marginal Costing IntroductionMeaning Of Marginal CostingSeparation of costs into fixed and variable (marginal) is of special interest and importance. Under marginal costing, cost of a product is estimated...

Sumant Sharma

0 0
1
GST Competent Accountant
Goods and Service Tax environment made Accountants inevitable to any organization. It is important that all accountants should be competent in GST Norm and Producedures. Here is a sample lesson to understand...

Manikandan Ganapathy

0 0
0
Financial Accounting
Accounting is the art of recording, classifying, summarising in a significant manner regarding money, transaction & events which are at least in part financial interpreting the result thereof. (AICPA...

Rajeshwari M.

3 0
0
Be Exam Oriented while studying for the Exams
Examinations are the ultimate test of the student.Even if one is doing his/her best during school/college days and confidently handling any academic questions until unless he/she scores good marks in Exams/Tests...

Rabindra K.

0 0
0
BRS
BRS refers to Bank reconciliation statement. This is prepared to reconcile the difference between bank account in the cash book and pass book.

Vijayakumar V.

1 0
0

Recommended Articles

6 Healthy Habits of School Children

While schools provide formal education to the children, the home is where they start learning about things informally. Parents think that schools will take the initiative to educate their children. Well, this is partially true, as parents also play an essential role in bringing up their child. For the development of particular...

Read full article >

6 Exam Hall Tips To Follow, For Every Good Student

Appearing for exams could be stressful for students. Even though they might have prepared well, they could suffer from anxiety, tension etc. These are not good for their health and mind. However, following a few exam preparation tips can save them from all these and help them to score good marks. Let’s find out all...

Read full article >

The Rising Problems in Indian Government School

With the mushrooming of international and private schools, it may seem that the education system of India is healthy. In reality, only 29% of children are sent to the private schools, while the remaining head for government or state funded education. So, to check the reality of Indian education system it is better to look...

Read full article >

Science, Arts Or Commerce - Which One To Go For?

Once over with the tenth board exams, a heavy percentage of students remain confused between the three academic streams they have to choose from - science, arts or commerce. Some are confident enough to take a call on this much in advance. But there is no worry if as a student you take time to make choice between - science,...

Read full article >

Find BCom Tuition near you
BCom Tuition in Delhi
BCom Tuition in Mumbai
BCom Tuition in Bangalore
BCom Tuition in Hyderabad
BCom Tuition in Chennai
BCom Tuition in Kolkata
BCom Tuition in Pune
BCom Tuition in Gurgaon
BCom Tuition in Jaipur
BCom Tuition in Noida

Looking for BCom Tuition ?

Learn from the Best Tutors on UrbanPro

Are you a Tutor or Training Institute?

Join UrbanPro Today to find students near you
X

Looking for BCom Tuition Classes?

The best tutors for BCom Tuition Classes are on UrbanPro

  • Select the best Tutor
  • Book & Attend a Free Demo
  • Pay and start Learning

Take BCom Tuition with the Best Tutors

The best Tutors for BCom Tuition Classes are on UrbanPro

This website uses cookies

We use cookies to improve user experience. Choose what cookies you allow us to use. You can read more about our Cookie Policy in our Privacy Policy

Accept All
Decline All

UrbanPro.com is India's largest network of most trusted tutors and institutes. Over 55 lakh students rely on UrbanPro.com, to fulfill their learning requirements across 1,000+ categories. Using UrbanPro.com, parents, and students can compare multiple Tutors and Institutes and choose the one that best suits their requirements. More than 7.5 lakh verified Tutors and Institutes are helping millions of students every day and growing their tutoring business on UrbanPro.com. Whether you are looking for a tutor to learn mathematics, a German language trainer to brush up your German language skills or an institute to upgrade your IT skills, we have got the best selection of Tutors and Training Institutes for you. Read more

ThinkVidya Learning Pvt Ltd © 2010-2025All Rights Reserved