Economic Stimulus Plan/Tax rebate?
For the tax rebate, payments would stir to individuals earning up to $75,000 and couples earn up to $150,000. The income limit $150,000, does it miserable taxable income or gross income?Answers: Gross income and the minimum is 3,000 to get the rebate.
I'm if truth be told wondering if its the gross income that is reported on the 2006 return...or is it base on 2007 income reported by employers.
Will the tax rebate be based on 2007 or 2006 AGI?
Answers: 2007
It is sort of based on income since if you made less than 3k you will not get it. If you made more than 75,000 as a single person or 150,000 as a couple then you will not receive the rebate.
"Treasury Secretary Henry Paulson said Thursday that the IRS should start sending checks 60 days after a measure is enacted."
How can they use your 2007 AGI if they are going to start sending checks before taxes are due?
Would they only send them to people who have filed for 2007?
here i your answer this is close to bottom of the page.
Those who earned a minimum of $3,000 in 2007 will get a check for at least $300, or $600 if they are married and filing a joint return, even if they did not owe any income tax. But their rebates will gradually climb as does their income tax
http://money.cnn.com/2008/01/24/news/eco...
They will be using your 2007 AGI for the rebate purposes. They will use this return to identify your income and to figure out how much you will be getting (number of members in the family- single/married, kids, etc).
The rebates (if approved) will start being sent out in May, but I would expect it closer to July...
Who will pay income tax to a minor who is an orphan and his guardian takes care of him?
Answers: Anyone who is earning A lakh and above per annum has to pay tax.
If the minor is below the age of 14, he is not allowed to work under the child labour act. If he is above 14 but below 18 there won't be any trouble paying your tax. The Government will only encourage you for such a responsible work.
Be proud for being the first minor to pay tax.
I can not answer specific to India but other answers may like to note they are in the India section before assuming US.
Generally Income tax is paid to the government based on income. The person with the income is taxed, if the child has an income that is taxable then the guardian is responsible for ensuring this goes ahead unless provision is made for direct taxation in that income source.
Try the FAQ on Income Tax Act from the link below
http://firstappeal.com/view_topic.php?id...