Income Head Meaning Marathi

Define income per head.

Income head meaning marathi. Income tax law consists of the 1961 act income tax rules 1962 notifications and circulars issued by the central board of direct taxes. Income from other sources is a residuary head of income. Any item which falls under the definition of capital asset like car jewellery building etc will come under this head. The following income shall be charged to tax only under the head income from other sources.

Conveyance expenses incurred by so many persons and so many times in this case all the transaction will be booked under the head called as conveyance expenses a c. Income per head synonyms income per head pronunciation income per head translation english dictionary definition of income per head. Income arising from transfer of any capital asset considered is taxed under the head i e. Income tax return is the form in which assessee files information about his her income and tax thereon to income tax department various forms are itr 1 itr 2 itr 3 itr 4 itr 5 itr 6 and itr 7 when you file a belated return you are not allowed to carry forward certain losses.

The income tax act 1961 and the income tax rules 1962 obligates citizens to file returns with the income tax. Google s free service instantly translates words phrases and web pages between english and over 100 other languages. Agricultural income is defined in section 10 1 of the income tax act 1961.

Income tax in india is governed by entry 82 of the union list of the seventh schedule to the constitution of india empowering the central government to tax non agricultural income. Income from capital gains. Account head is a name under which particular types of transactions are recorded. Any item of income chargeable to tax but does not fall within the ambit of the other four specific heads of income shall be included under this head of income.

Income per head or per capita income the gross national product gnp of a country divided by its population income per head gives a more general indication of a country s monetary standard of living than its absolute level of gnp. 89 shows although the usa has a much higher absolute level of gnp than japan its income per head is only slightly higher. Per capita income the total national income divided by the number of people in the nation income the financial gain accruing over a given period.