Taxation of Dividends
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Questions and Answers

What is the total income of the individual, as per the given table?

Rs. 1,500,000

What is the tax payable on dividend income?

Rs. 45,000 (15% of Rs. 300,000)

What is the final tax payable by the individual?

Rs. 67,505

What is the characteristic of tax imposed under sections 5 and 7B?

<p>It is a final tax.</p> Signup and view all the answers

What is not allowed against income chargeable under final tax regime?

<p>Deductions for expenses, deductible allowances, and set off of losses.</p> Signup and view all the answers

What is the significance of tax deducted on dividend?

<p>It is non-adjustable tax.</p> Signup and view all the answers

What is the difference between normal tax regime and final tax regime?

<p>Normal tax regime taxes income on a net basis, while final tax regime taxes income on a gross basis.</p> Signup and view all the answers

What is the liability of a person under sections 5 and 7B?

<p>The liability is discharged if tax has been deducted.</p> Signup and view all the answers

What is the significance of Zakat in income tax calculation?

<p>It is a deductible allowance.</p> Signup and view all the answers

What is the income that is not chargeable under any head of income?

<p>Income chargeable under final tax regime.</p> Signup and view all the answers

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