i want the definitions of the given question.I want it by 27th July 2006.
2006-07-25 02:49:24 · 3 answers · asked by ashi 1 in Business & Finance ➔ Taxes ➔ India
Income tax will be lavied on earnings.
The sale tax -on the items sold.
Reddy.
2006-07-25 06:00:59 · answer #1 · answered by Anonymous · 5⤊ 0⤋
Income Tax:
It relates to the tax levied by the central government for the income the specified persons have earned during the given year.
Sale Tax:
Collected by the state government in the case of local as well as the interstate sale.
In th case of interstate sales it is called Central Sales Tax and it is collected by the state in which the sale is made and is shared between the Central Govt and the State Govt in an agreed ratio.
Regards
CA Nitin Jain
2006-07-26 06:26:27 · answer #2 · answered by Nitin Jain 2 · 0⤊ 0⤋
In simple words
Income Tax refers to a person who is bound to pay a minimal on his total income for carrying forward his business or employment, and sales tax refer to the cost of marketing the product from one place to another usually you can see this n comoditity trading paid to the gov n form of sales tax for provisioning the business n that particual place and benefit gets
2006-07-25 09:55:48 · answer #3 · answered by Highwayman 1 · 0⤊ 0⤋