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Income is basically everything that you earn, whether by physical exertion, or by investing.
Income tax is a tax levied by governments, on the above income less allowable deductions and rebates.
Allowable deductions and rebates are worked out by the government levying the income tax. It very quickly gets very involved and complicated.
What else can I help you with?
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 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.
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.
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 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 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 Accrued income tax and deferred income tax?
we dont have an idea either. thanks wharton
What is the difference in tax rates between k1 income and 1099 income?
The difference in tax rates between K-1 income and 1099 income is that K-1 income is typically taxed at the individual's personal tax rate, while 1099 income is subject to self-employment taxes in addition to income taxes.
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.
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 is the difference between the child tax credit and the earned income credit?
The child tax credit is a tax benefit for parents with dependent children, providing a credit for each child. The earned income credit is a tax benefit for low to moderate-income individuals and families who have earned income from work. The main difference is that the child tax credit is based on the number of children, while the earned income credit is based on income and family size.
How is deferred tax liability different from current tax liability?
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.
What is the difference between state income tax and federal income tax?
State goes to state budget & Federal goes to ferderal budget.
