Family Pension is chargeable to tax under the head “Income from other sources” and not under the head “Salaries”. Therefore, provisions of section 192 of the Act are not applicable. Hence, DDOs are not required to deduct TDS on family pension paid to person....
the aggregate of a taxpayer's income from all sources calculated in accordance with the provisions of the Income and Corporation Taxes Acts. Sometimes known as statutory total income. From this figure must be deducted certain sums (e.g. loss relief and interest relief ranking as a charge on...
Exempt income refers to income which though is earned and received during the financial year is not taxable. Certain type income can be exempted from tax provided certain conditions are met which are defined in Income Tax Act. Exempt income includes tax-free sources of income, such as ...
Other sources of income directly increase the wealth of the taxpayer and are taxable. These sources commonly include interest earned on bank accounts; dividends; rents; royalties from copyrights, Trademarks, and Patents; proceeds from life insurance if paid for a reason other than the death of th...
–your gross income is your total earnings before taxes and other deductions are factored in. other sources of income, such as spousal support, a pension or rental income, are also included in gross income. dti ratio –your dti ratio is your total monthly debt obligations divided by your ...
Dividend stocksare one of the easiest income-generating assets to get into because you can start with small sums of money. What separates dividend stocks from other types is the fact that they pay out dividends, or recurring income, to their investors. ...
innovation, and taking risks. It’s about turning ideas into reality and building new business opportunities. And plenty of resources are available for the entrepreneurial-minded person to hone their abilities. Look for training in business management and entrepreneurial advice from other successful inno...
The gift was made out of net income and not a transfer of capital assets; common sources are employment, rent from property, pension income, interest, and dividends The donor must be left with enough income to maintain their current standard of living, so they don't need to resort to capi...
Double taxationis something to be avoided, if possible. It involves paying taxes twice on the same source of income. This typically occurs when someone has income from many different sources, often internationally. This can happen with a401(k), as well as other tax-advantaged accounts such as...
The Revenue section shows that Microsoft’s gross margin, also known asgross (annual) profit, for the fiscal year ending June 30, 2023, was $171.0 billion. This number is arrived at by deducting the cost of revenue ($74 .1 billion) from the total revenue ($245.1 billion)—in other wor...