INTERVIEW QUESTIONS TAX INCOME TAX DETAILS

Question: What is the relation between a Controlling Area and a Company code?

Answer: If you are a salaried person, your salary from your employer will be treated as income. On the other hand for a businessman, the net profit will be considered as income.

In all there are five heads for income as follows:-

Salary.
Property rental income.
Income from business/profession: This applies for entrepreneurs and small business people who don't get a regular salary income. Some examples are doctors, lawyers, etc.
Capital gains such as profit from sale of house, land, gold, etc.
Income from other sources such as interest received on bank deposits, winnings from lotteries or game shows, etc.

If you are a salaried person, your salary from your employer will be treated as income. On the other hand for a businessman, the net profit will be considered as income.

In all there are five heads for income as follows:-

Salary.
Property rental income.
Income from business/profession: This applies for entrepreneurs and small business people who don't get a regular salary income. Some examples are doctors, lawyers, etc.
Capital gains such as profit from sale of house, land, gold, etc.
Income from other sources such as interest received on bank deposits, winnings from lotteries or game shows, etc. Source: CoolInterview.com

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