02581nam a2200253 i 4500003000500000005001700005007000300022008004100025020001800066040003200084050002600116082001800142245005200160264005400212300003100266336002200297337002600319338002500345504005200370505021700422520161800639650003702257700003302294CSPC20260427102540.0ta251222s2020    ii       b    001 0 eng    a9789352696116  aCSPCbeng cCSPCdCSPCerda00aKF6369.85b.I536 202004a336.24bIn21400aIncome taxation /cedited by Sandeep Choudhary. 1aNew Delhi, India : bRandom Publications, c2020.  aviii, 264 pages ;c24 cm.   2rdacontent atext  2rdamediaaunmediated   2rdacarrier avolume   aIncludes bibliographical references and index. 0 aTaxation -- Income statement -- Transfer pricing and taxation -- Tax valuation -- Tax considerations -- Business taxation -- The balance sheet -- Tax audit -- Bills of exchange -- Accounting theory and practice.   a"An income tax is a tax that governments impose on income generated by businesses and individuals within their jurisdiction. By law, taxpayers must file an income tax return annually to determine their tax obligations. Income taxes are a source of revenue for governments. They are used to fund public services, pay government obligations, and provide goods for citizens. Certain investments, like housing authority bonds, tend to be exempt from income taxes. Individual income tax is also referred to as personal income tax and is levied on wages, salaries, and other types of income. This tax is usually tax the state imposes. Because of exemptions, deductions, and credits, most individuals do not pay taxes on al of their income. The IRS offers a series of deductions (e.g. deductions for health care, investments and education expenses) which taxpayers use to reduce their taxable income. Income has been very widely defined in the Income-tax Act. In simple words, income includes salary, pension, rental income, profits out of any business or profession, any profit made out of the sale of any specified asset, interest income, dividends, royalty income etc. Most systems define income subject to tax broadly for residents, but tax nonresidents only on specific types of income. What is included in income for individuals may differ from what is included for entities. The timing of recognizing income may differ by type of taxpayer or type of income. At the end of the book, useful suggestions have been made so as to review the personal income tax laws in the light of these recommendations"-- Back cover. 0aIncome taxxLaw and legislation.1 aChoudhary, Sandeep,eeditor.