A person is deemed resident in Nigeria if he or she resides in Nigeria for 183 days in any 12-month period; however, expatriates holding residence permits are also liable to tax in Nigeria even if they reside in the country for less than 183 days in any 12-month period.
What is it called when a person is taxed?
A taxpayer is a person or organization (such as a company) subject to pay a tax. … The term “taxpayer” generally characterizes one who pays taxes. A taxpayer is an individual or entity that is obligated to make payments to municipal or government taxation-agencies.
Who is required to pay tax?
Who are the Tax Payers? Any Indian citizen aged below 60 years is liable to pay income tax, if their income exceeds Rs 2.5 lakhs. If the individual is above 60 years of age and earns more than Rs 2.5 lakhs, he/she will have to pay taxes to the Government of India.
What is a person’s taxable income?
Taxable income is the amount of income used to calculate the taxes owed by an individual or a company. Taxable income is frequently referred to as adjusted gross income or adjusted income minus deductions or exemptions.
Do farmers pay tax in Nigeria?
Agriculture sector in Nigeria enjoys Pioneer Status with attendant tax exemption to all companies operating therein. … Agribusiness is tax free. The payments of minimum tax by companies that make small or no profits at all do not apply to agro-allied business.
What are 3 types of taxes?
Tax systems in the U.S. fall into three main categories: Regressive, proportional, and progressive.
What are the three kinds of income?
There are three types of income- earned, portfolio and passive. There is also a small subset of passive income called non-passive income.
Are we paying taxes in 2020?
The 2019 income tax filing and payment deadlines for all taxpayers who file and pay their Federal income taxes on April 15, 2020, are automatically extended until July 15, 2020. … You will automatically avoid interest and penalties on the taxes paid by July 15.
What income is tax free?
Applicable for all individual tax payers:
Rebate of up to Rs 12,500 is available under section 87A under both tax regimes. Thus, no income tax is payable for total taxable income up to Rs 5 lakh in both regimes.
What happens if you do not pay income tax?
A new, section 234F, was inserted by the government into the Income-tax Act, 1961. As per this section, an individual would have to pay a fee of up to Rs 10,000 for filing income tax return after the due dates specified in section 139(1) of the Act.
What is TDS full name?
Tax Deducted at Source (TDS)