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In a HUF if the Karta has income from salary will his salary income be treated as the salary income or an income for HUF?
Which income is regarded as HUF income?There are five heads of income:1. Salary2. Profits from business or profession3. Income from house property4. Capital gains5. Income from other sourcesSince the HUF is a separate entity, it can earn income from all the above except income from salary.All income that arises on the investment of the HUF's funds and utilisation of its assets is regarded as income and is separately assessed and taxed.
What is the linkage between income statements and balance sheet?
Income statement and balance sheet are linked in this way that income statement describes how assets and liabilities are utilized to earn revenue and net income while balance sheet describes the information about remianing amount of assets and liabilities.
What is the income you earn from the shares dividend?
Income earned from shares is called dividend income and shown in income statement as "Other income".
What is plant assets?
Machinery is called the plant asset which is utilized to make production of units of product to earn revenue.
How does the goodwill affect net income?
Goodwill is the value of reputation of a irm in respect of the profits expected in future over and above the normal rate of return, which other companies can earn. Over and above the normal rate implies that the firms capability to earn more profits when compared to other firms because of its good brand name, locational advantage, good customer relations or possession of a unique patent right. The impact of goodwill on the net income is that, as good will is amortized the amount of profits get reduced. This further reduces the balacne of reserves and surplus amt in the balance sheet.
What are undistributed corporate profits called?
Undistributed corporate profits are also called IENR i.e. Income earned but nor receieved. These are the profits that shareholders may earn but will not receieve in their salary. Even I just read about it somewhere so I am guessing it is something like the deductions that are made in your salary apart from income tax.. Basically you earn that money on paper but you don't receieve it. A better explanation is welcomed
Are earn profits from Stocks ever taxed?
Profits from stocks & shares are classed as taxable income - and must be declared to the tax man.
What are the different forms of income that individuals can earn?
Individuals can earn income through various forms such as wages from employment, profits from business ventures, interest from investments, rental income from properties, and government benefits or assistance.
In a HUF if the Karta has income from salary will his salary income be treated as the salary income or an income for HUF?
Which income is regarded as HUF income?There are five heads of income:1. Salary2. Profits from business or profession3. Income from house property4. Capital gains5. Income from other sourcesSince the HUF is a separate entity, it can earn income from all the above except income from salary.All income that arises on the investment of the HUF's funds and utilisation of its assets is regarded as income and is separately assessed and taxed.
What are the different types of income that individuals can earn?
Individuals can earn different types of income, including wages from employment, profits from business activities, interest from savings or investments, and dividends from owning stocks or other investments.
What is the Income you earn on an investment called?
Return
What is the linkage between income statements and balance sheet?
Income statement and balance sheet are linked in this way that income statement describes how assets and liabilities are utilized to earn revenue and net income while balance sheet describes the information about remianing amount of assets and liabilities.
How do you classify intangible assets?
Intangible Assets could be such personal assets such as a beautiful singing voice, an ability to play a musical instrument, an ability to act well, be good at a sport(s), etc.; especially, if you are good enough to earn income from your ability (thus, the income becomes your tangible assets).
What is a tax that you pay on the money you earn?
To answer your question, the taxes you pay on the money you earn (salary, income) is called income tax.
What is the income you earn from the shares dividend?
Income earned from shares is called dividend income and shown in income statement as "Other income".
How might one earn extra income from home?
One can earn extra income from home by trading on the stock market. Doing research and purchasing from mutual funds will minimize risk and maximize profits one can make by trading on the stock market.
How do credit card companies earn profits?
Credit card companies earn profits by charging interest.
