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

Chartered Accountant

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

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

Chartered Accountant

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

Commerce Tutor

Every Person as per the definition of the Income Tax Act: "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...
read more
Every Person as per the definition of the Income Tax Act: "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, not falling within any of the preceding sub-clauses; As per the above definition whosoever fall in the above definition is Person and Known as "Assessee" but for paying income tax there are different criteria as an Individual doing Job getting salary pay as per slab rate in addition to this Income tax may call upon any person as default assessee to pay income tax. read less
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

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

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

View 38 more Answers

Related Questions

What are the career options after B.com?
After B.Com Option Open For CA,CMA,CS,MBA,CFA,M.Com,Self Business,In Stock,Commodity,Currency Market,Accounting Work In Any Business Firm,Company,UPSC,State PSC,SSC etc.
Shafer
0 0
7
How is a BCom useful for students?
Hi yoga, bcom being a graduation course will certainly help you get a graduation 🎓 degree . Now this helps you in getting a job and also post bcom you can go for professional courses or MBA. Hence...
Yoga
0 0
9
What is your advice for first year bcom students?
My suggestion to B.com Students is to understand the concept of the subject and get more practical knowledge in accounting subjects as it will help you in your future as this is competitive world. Don't...
Mrunal
0 0
7
What to do to take online classes explain me clearly?
Use skype, teamviewer , gotomeeting.com tools to have classes online.
Sai Ganesh Institute
Why are increases in accounts receivable a cash reduction on the cash flow statement?
because you are not receiving cash against the sale which means your debtors are increasing.In hindi we can say that paise ka na aana bhi jana hota hai.
Ravi Shankar
0 0
7

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

Ask a Question

Related Lessons

Process Costing
Introduction Process Costing is a method of Costing used in industries where the material has to pass through two or more processes for being converted into final product. It is defined as a method...
F

FR Prashanth Reddy

Relevant v/s. Irrelevant Cost
The purpose of classifying cost into relevant and irrelevant is to eliminate unnecessary information that complicates the process of decision making. Relevant Cost: Cost which will be affected by the...
F

FR Prashanth Reddy

4 0
0
SPECIAL EVENTS IN PARTNERSHIP
SPECIAL EVENTS IN PARTNERSHIP Admission Retirement Death Change in Ratio Combination When a New partner is admitted what are the changes occur? What are the things unavoidable changes? Can...
F

FR Prashanth Reddy

7 0
0
Cash Flow Statement
Purpose of a statement of cash flows: To provide information about the cash inflows and outflows of an entity during a period. To summarize the operating, investing, and financing activities of the...

Ravi Yadav

0 0
0
Income Tax Basics
Everyone who earns or gets an income in India is subject to income tax. (Yes, Indians living abroad too). Your income could be salary, pension or could be from a savings account that’s quietly accumulating...
F

FR Prashanth Reddy

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 Ahmedabad

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 © 2010-2024All Rights Reserved