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Wealth is what you have in the bank and assets you can sell (house, car, boat, stocks, bonds, ...) Income is what your employer gives you (or you take out of your own company)
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Difference between income tax act and income tax rule?
The income tax act focuses its concern on total income and the income tax rule focuses on which types of income are taxable. That is the biggest difference between the two.
What is the difference between income tax expense and income tax payable?
Income statement & balance sheet.
What is difference between tax free and taxable income?
You don't pay tax on the tax-free pay and you do pay tax on taxable income
What is the difference between Accrued income tax and deferred income tax?
we dont have an idea either. thanks wharton
What are the three types of taxes?
Income Tax, Sales Tax (VAT), Wealth Tax
Difference between income tax act and income tax rule?
The income tax act focuses its concern on total income and the income tax rule focuses on which types of income are taxable. That is the biggest difference between the two.
What is the difference between income tax expense and income tax payable?
Income statement & balance sheet.
Whats the difference between tax free income and taxable income?
You pay tax on taxable income and you don't on tax free income
What is difference between tax free and taxable income?
You don't pay tax on the tax-free pay and you do pay tax on taxable income
What is the difference between Accrued income tax and deferred income tax?
we dont have an idea either. thanks wharton
What is the difference between income tax and service tax?
Income tax is the tax that is charged to your income that can be paid with the preparation of tax forms or is withheld from your paycheck. Service tax refers to the tax that is charged for services, like care repair.
What is the difference between Income Tax and Provision of Income Tax?
Provision for income tax refers to the line item in the profit and loss statement. Income tax is a broad term and could mean current taxes (taxes actually payable to Government), Tax expenses/provision for tax- taxes reported in the P&L or deferred taxes (difference between current taxes and tax expense).
What are examples of direct tax?
The two examples of direct tax is Income tax and Wealth tax.
What are the three types of taxes?
Income Tax, Sales Tax (VAT), Wealth Tax
What has the author Shri Ram Bhargava written?
Shri Ram Bhargava has written: 'All about penalties in income-tax & wealth-tax matters' -- subject(s): Income tax, Law and legislation, Wealth tax 'Income-tax pleadings, conveyancing, and practice' -- subject(s): Conveyancing, Income tax, Law and legislation
What is the difference between state income tax and federal income tax?
State goes to state budget & Federal goes to ferderal budget.
What is the difference between Gross and net and taxable income?
Gross income: the overall income, from which expenses and tax are not yet deducted. Net income: the pure income, left after deducting all expenses and tax. Taxable income: the income before tax, deducted all expenses except tax.
