Income TaxIncome tax is a direct tax that a government collects from its citizens. The income tax is calculated upon the net taxable income after accounting for any deductions and is paid net of deductions. Countries generally have different tax slabs based on different in...
Treasury Secretary Jacob Lew dismissed efforts in Congress to overhaul the nation's tax laws by lowering the top income tax rate paid by individuals, saying Wednesday that Democrats and Republicans are too far apart to forge such a sweeping package.Fox Business...
means the amount is taken away or reduced from the total taxable income. Usually when the government wants to encourage savings, they offer deductions for investing in certain instruments and hence lower your taxable income,income on which tax is due), by that extent.You get tax deduction...
Interest on drawings is claimed as business expense in the hands of partners in their itr - Income Tax