Feb 26 2010, 06:10 PM
Correct me if I'm wrong, I see that the income limit is 20,000 for a single person which would I believe would attract a $4000 tax but the tax credits for a single person is computed as $1,830 x 2 which equates to an income of 18,300? It now suggests that a $1,700 income would be taxed on a total income of 20,000. How come the figures are different? Or is there like a bracket that a certain income would fall on?
Jul 28 2011, 09:07 PM
For determining the exemption limit for current year, previous year turnover should not exceed Rs. 10 lakhs. However in your case turnover for previous year exceeds Rs. 10 lakh. Hence exemption will not be available to you and entire turnover of Rs. 15 lakh would be taxable
Sep 7 2011, 03:47 AM
The personal exception was $3650 and the normal deduction $5700 and it’s was still in 2010. Thus, $9350 was fundamentally non taxable; any excess would be no less than 10 % the lowest tax rate.