2007-01-31 01:02:01 · 11 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ India
Taxable Income is the net income on which tax is calculated at the applicable rates.
We ca arrive at taxable income by deducting allowable expenses from total income.
2007-01-31 01:23:35 · answer #1 · answered by Pluuuto 3 · 0⤊ 0⤋
Easy Way- the Nett income after deducting the allowable rebates under diferent section of the income tax rules is the TAXABLE INCOME.
2007-01-31 09:20:24 · answer #2 · answered by AVANISH JI 5 · 0⤊ 0⤋
As per Income tax act some income are taxable some are non taxable.Generally all revenue receipts are taxable and capital receipts are non taxable.
for a male aged less than 65 years Rs.1,00,000/- per annum income is exempted
for a female aged less than 65 years Rs.1,35,000/- per annum income is exempted
for other having aged more than 65 years Rs.1,85,000/- per annum income is exempted
So if any one who earns more than One lac per annum should ask which income is taxable and which is not by giving the detail of the incomes earned
2007-01-31 09:43:29 · answer #3 · answered by rajesh 2 · 0⤊ 0⤋
Taxable income =Sum total of all your income from 1st April to 31st March minus your investment in all tax saving methods subject to a maximum of Rs. 1 lakh minus tax rebates for housing, medical insurance,donations to identified institutions etc..Consult a chartered accountant in case of difficulty.
2007-02-01 00:39:02 · answer #4 · answered by GANESH BHAT 4 · 0⤊ 0⤋
There are five heads of income that are taxable:
Income from Salary
Rental Income
Income from Business and profession
Capital Gains
Income from other sources
2007-01-31 10:15:35 · answer #5 · answered by getonlinehelp 1 · 0⤊ 0⤋
well their is not compulsory the taxable income please think that how much you can pay the tax,
accordingly you can deduct the ire are so many root are to deduct from the taxable income ,
2007-01-31 09:27:34 · answer #6 · answered by ramesh l 2 · 0⤊ 0⤋
Your gross salary less the exemptions (like investments, PF, HRA, etc) is the taxable income.
2007-01-31 10:51:21 · answer #7 · answered by Ganesh 2 · 0⤊ 0⤋
Don't know as I've never earnt that much! but I believe it is the amount left after tax allowances and expenses have been deducted from your gross income.
2007-01-31 09:20:37 · answer #8 · answered by grumpyoldman 4 · 0⤊ 0⤋
Refer to definitions on the link below
http://allindiantaxes.com/incometaxch-1.php
2007-02-01 07:21:26 · answer #9 · answered by Anonymous · 0⤊ 0⤋
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2007-01-31 09:22:30 · answer #10 · answered by jetratkat 3 · 0⤊ 0⤋