Income Tax Services Bangalore and Common Tax Terms – Kros-chek

by Kros Chek Kros-Chek Consultancy Services Bangalore

Providers of income tax services Bangalore utilize different terms when explaining their services. Thus, it will be important for you to understand these terms. Our focus here will be on explaining these terms.

Common Tax Terms

Withholding | Filing Status | Gross Income | Capital Gains

Withholding

This refers to part of the paycheck which is send by employer directly to government every month in lieu of partial income tax payment on your behalf. This withholding amount is based on total allowances that are claimed by employee on his or her W-4.

According to Kros-check, experts in providing Financial services Bangalore, if someone claims several allowances then such employee will owe money when time comes to pay taxes. On the other hand, if someone underpays then he or she may have to face penalty when time comes to file tax returns.

Filing Status

Your relationship status will primarily depend upon whether you are single or married and it will dictate whether you will be able to claim certain tax breaks.

Few of the filing status you can choose from include:

1.       Single

2.       Married filing jointly

3.       Head of household

Gross Income

This refers to total income amount that you have prior to considering taxes and deductions. Few of the common sources of gross income consist of capital gains, salary, dividends, tips, wages, and interests.

Capital Gains

As per Kros-check, the leading providers of income tax services Bangalore, capital gains refer to earnings that are included in your gross income.

You make capital gains when sale price for any type of asset is more thanits purchase price.

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Created on Aug 20th 2018 07:05. Viewed 307 times.

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