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Profession tax is the tax levied and collected by the state governments in India. It is a direct tax. A person earning an income from salary or anyone practicing a profession such as chartered accountant, company secretary, cost accountant, Software Engineer, lawyer, doctor etc. are required to pay this professional tax.
Taxes on unrelated activities: Income from activities unrelated to the organization’s mission must be reported on a business income tax return. If the unrelated income totals $1,000 or more, you ...
Tax exemption is the reduction or removal of a liability to make a compulsory payment that would otherwise be imposed by a ruling power upon persons, property, income, or transactions. Tax-exempt status may provide complete relief from taxes, reduced rates, or tax on only a portion of items.
Prior to the Passage of the Tax Cuts and Jobs Act in 2017, taxpayers could claim personal and dependent exemptions on their returns, allowing them to reduce the amount of income that was subject ...
Taxable income refers to the base upon which an income tax system imposes tax. [1] In other words, the income over which the government imposed tax. Generally, it includes some or all items of income and is reduced by expenses and other deductions. [2] The amounts included as income, expenses, and other deductions vary by country or system.
Tax-exempt means not being required to pay taxes on certain types of income. Find out which type of income is considered tax-exempt.
The personal exemption amount in 1894 was $4,000 ($109,277 in 2016 dollars). The income tax enacted in 1894 was declared unconstitutional in 1895. The income tax law in its modern form—which began in the year 1913—included a provision for a personal exemption amount of $3,000 ($71,764 in 2016 dollars), or $4,000 for married couples.
For example, Texas offers a wide range of property tax exemptions to residents ages 65 and older, including an exemption from school district and county taxes and an additional $10,000 residence ...