Income Tax Article Johny john

Wednesday, January 8, 2014

Income Tax Article Johny john

Where the Total Exceeds $1000

i)Income tax is charged at given rates on the total income excluding income from sources which are treated as separate block of income and taxed separately at the fixed rates.No separate basic exemption is available. ii)The tax thus calculated on the total income reduced by rebate computed at the average rate of tax in respect of personal expenditure incurred on legal services as shown in the receipts issued by known legal practitioners. iii)No tax rebate for investment in "investment"certificates and shares,contributions made towards provident funds,premium paid in respect of life insurance the amount spent on the purchase of books etc is admissible in any case.

Where the total income marginally exceeds $1000

The income tax payable will not exceed an amount equal to- i)income tax which would have been payable if the total income were $1000; plus ii)a sum equal to 50% of the amount by which the total income exceeds $1000......

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