Answer / ramesh

INCOME TAX IS A DIRECT TAX WHERE THE ASSESSE HAS TO PAY ON
HIS INCOME EARNED DURING THE FINANCIAL YEAR.

The income Tax Act classififes the income of
individuals into 5 different sources.
1) Income form Salaries.
2) Income from business and profession.
3) Income from house property.
4) Capital Gains.
5) other income.

Answer / ashid puzhakkal, m.com.,b.ed.

Income tax is the levy paid by the assessee to the Govt. on
the income earned during a particular year

Answer / guest

Income tax = taxable income * applicable tax rate - tax offsets

taxable income = assessable income - deductions
assessable income = ordinary income + statutory income

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