1051 (Income tax) Why do different taxpayers have different tax liabilities (Concept) Video Link - https://youtube/watch?v=N3ci7Yue6Hc Narration - By Amlan Dutta Methodology - Harvard Case Model You as a youtube viewer and i as a publisher are two different individuals .Infosys is a company person , Raj HUF is a HUF person . XYZ corporative society is a person and so are various AOP , BOI etc etc Every year , all such persons are liable to file their returns mentioning their scope of total income in the return , taxes due and how they have met such liability through tax credit available to them ! So , every year , you can imagine the number of returns that are being processed ...Now imagine what will happen for each case Every person will have a different anatomy of income and therefore a different tax liability The income heads remain the same i.e Salary , capital gains , House property , Business profession and other sources ...however based on residential status , scope of total income is arrived at with a unique permutation and combination of such income heads adjusted for losses and factoring in the deductions permissible under section 80 Take my case , i get salary and FD interest income and have for saings a PF investment under 80 C My mom has just FD interest , no savings , no other income head My father is now retired but enjoys pension , as also interest income A company XYZ has business income I am talking of just 4 cases ...every years crores of indians file their returns and pay taxes on income comprising 33000 Cr direct tax revenue ( besides wealth tax ) This is just a glimpse of what happens , but i thought that i should teach you all this so that when you read your book next time , you have a smile on your face ! If you have , please put that smile in a envelope and send it to me , i will value it as i keep progressing in my missio of making knowledge free !
Posted on: Sun, 02 Nov 2014 17:19:39 +0000
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