Who is liable to income tax

Who is liable to income tax?

         Every person, whose taxable income for the previous financial year exceeds the minimum taxable limit, liable to pay the central government the income tax during the current financial year on the income of the previous financial year at the rates in force during the current financial years.

Income:

         In General sense" it means any monitory receipt either in cash or in kind may be real or national, regular or casual or legal or illegal or own's or somebody else's from a definite source.

Gross Total Income: 

          It is the total income computed in accordance with the provisions of the income tax act before making deduction under sections 80c to 80u.

Total Income:

              It means amount left after making the deductions under sections 80c to 80u.

Casual Income:

             Any receipts, which is of a casual, and non-recurring in nature is called casual income I. e., it is that income the receipt of which is accidental and without any stipulation and is in the nature of an unexpected windfall.