Answer below questions and predict your rank
  • How important it is for you to pass the exam in this attempt?
  • What percentage of course you have finished well so far roughly?
  • How many hours you study in a day?
  • How many times you have revised the topics you have finished
  • Have you taken online or pen drive or live class from a renowned faculty?
  • What percentage of the classes you have watched?
  • Have you attempted mock tests or practice tests yet?
  • Are you planning to attempt mock tests conducted by external bodies- ICAI, ICSI, ICMAI or other institute?
  • How many tests you have taken?
  • Did you manage to finish the test papers on time?
  • Are you strictly following study material provided by the exam conducting authority such as ICAI/ICSI/ICMAI/Other Body?
  • How is your health in general?
  • How is your food habit?
  • Any interest in yoga or exercise or play sports regularly?
  • Planning to sleep well nights before the exams?
  • Planning to have light food and water before exams?

India: How Does Income Tax system Work?

Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 asked

I have recently started earning some money and will be filing my returns soon. However, this is a new system to me and I want get a grasp on "How Income Tax system works in India?" On first look, It looks a bit complicated to me and the Purpose of this question is to learn from your experiences. To start with, I will appreciate if you can share following info: 1) IT Return: What all you need to know if you are doing it first time and would like to take care of it on your own. 2) Any website/online training to walk through the concepts?

    3       0 Answer Now Comment Report
3 Answers
Open uri20170510 32134 w73xg6?1494421630 answered

as indian economy was mixed economy it leavy tax on slab base for resident the fallowing slab rate are applied 1. if assessee is below 60 years of age then upto 2,50,000 - 0% 2,50,000 to 5,00,000 - 10% 5,00,000 to 10,00,000 - 20% above 10,00,000 - 30% 2. if assessee is above 60 and below 80 years of age then upto 3,00,000 - 0% 3,00,000 to 5,00,000 - 10% 5,00,000 to 10,00,000 - 20% above 10,00,000 - 30% 3. if assessee is above 80 years of age then up to 5,00,000 - 0% 5,00,000 to 10,00,000 - 20% above 10,00,000 - 30%

    2       0 Comment Report
Important Note – Preparing for CA Final?
CAKART provides Indias top faculty each subject video classes and lectures – online & in Pen Drive/ DVD – at very cost effective rates. Get video classes from Quality is much better than local tuition, so results are much better.
Watch Sample Video Now by clicking on the link(s) below – 
For any questions Request A Call Back  
Open uri20170510 32134 1c996lj?1494421732 answered

There's nothing quite like the excitement and pride of receiving your very first paycheck. You worked hard for a solid month, and here's your much-deserved compensation. But wait a second ... what's the story with this line that says "net pay?" That can't be your actual salary, could it? What happened to all of your money? By the time you get your paycheck, it's been cut up like a pizza, with several government agencies taking a piece of the pie. Exactly how much money is withheld from each check varies from person to person, company to company and state to state. However, almost every income earner has to pay federal income tax. We generally don't think much about taxes except during the annual tax season. It's probably the most dreaded time of the year for millions of Americans, yet we circle it on our calendars, along with holidays and birthdays. But little joy is connected to April 15, the deadline for filing tax forms

    0       0 Comment Report
Avatar 37a3bd7bc7328f0ead2c0f6f635dddf60615e676e6b4ddf964144012e529de45 answered

Income Tax system in India is fairly straightforward. You have to pay tax ON INCOME over and above a certain limit, that varies according to your personal profile, and the tax is charged in three slabs. I explained the calculation and various terms in another answer here. Omkar Sapre's answer to Income Tax: What is the way to calculate tax payable from taxable income in India? The Indian Tax Laws are very simple and easy to understand. Though India is one among the countries with a high taxation rate, as citizens we also get a lot of options to reduce your tax liability. Most people are unaware of all these options and end up concealing their income to avoid taxes. If they knew all the options to save tax legally, I am pretty sure a big portion of people wont need to resort to illegal ways to reduce their taxes. Taxable Income = Total Income - Deductions - Exemptions First 2.5 lakhs of Taxable Income - Tax = 0 2.5 lakhs to 5 lakhs - 10% 5 lakhs to 10 lakhs - 20% Above 10 lakhs - 30%

    0       0 Comment Report
Get Notifications
Watch best faculty demo video classes

These top faculty video lectures will
help u prepare like nothing else can.