details of calculation of i.tax
income limit for assessment year 2009-10
Filing of income tax means submitting your annual income status for that particular year based on which the government will decide whether to levy tax on your income if your income falls under the slab of taxable income after all deductions. So by this you are showing your income status to the government based on which you may claim a loan in future from any bank or institution.
In personal tax yes. In corporate, ther is both a current and deferredportion
... the income tax expense reported on the income statement to equal the amount of income taxes payable for the current year plus or minus the change in the future income tax asset or liability balances for the year.
No
How Are you
when your business come in slab of income tax .... :)
income limit for assessment year 2009-10
Accrued income tax (Income Tax Payable) is a current liability. When the tax is actually paid it is reported on the income statement as Income Tax Expense.
Current Tax Liability is that tax amount which is actaully payable in current year.Deffered Tax liability is that amount of tax liability which is created due to difference in net income in income statement and income according to tax authorities.
The latest income tax slabs for 2010-2011 can be found here Go to financeminister.in Click on the below Related Link
14% Income tax- Co is 29% Income tax - STC(on dividends) is 10%
18%
No.
Slab rate refers to a system of taxation where different portions of income are taxed at varying rates, known as tax slabs. For instance, an individual may pay a lower percentage on their initial income up to a certain threshold and progressively higher rates as their income increases. This structure is designed to ensure that taxpayers contribute fairly according to their ability to pay. Slab rates are commonly used in income tax systems across various countries.
The United States has a progressive income tax system. The highest current rate of income tax on a personal return is 33%.
Filing of income tax means submitting your annual income status for that particular year based on which the government will decide whether to levy tax on your income if your income falls under the slab of taxable income after all deductions. So by this you are showing your income status to the government based on which you may claim a loan in future from any bank or institution.