What is casual income?
Casual income means income in the nature of winning from lotteries, crossword puzzles, races including horse races, card games and other games of any sort, gambling, betting etc.
It's an income which is earned by chance and not likely to occur again in a year. This earning is neither anticipated nor provided for in any agreement. For example, incomes from winning lotteries, card games, game shows, horse races, crossword puzzles or any other games come under casual incomes.
Income which is considered to be available for use by an individual regardless of actual receipt.
The income before deductions under Chapter-VIA of the I-T Act of 1961 is referred to as gross total income. After deductions under Chapter VIA of the I-T Act of 1961, income is defined as total income.
TDS full form is Tax Deducted at Source. Under this mechanism, if a person (deductor) is liable to make payment to any other person (deductee) will deduct tax at source and transfer the balance to the deductee. The TDS amount deducted will be remitted to the Central Government.
A Casual Taxable Person (CTP) means a person who supplies taxable goods or services occasionally in a taxable territory where he does not have a fixed place of business. The person can act as a principal or agent or in any other capacity supply goods or services for the furtherance of business.
What is casual employment? Casual employment refers to the system of hiring employees on a work-as-needed basis, meet the staffing needs of the company during peak business periods. In the system of casual employment, the employee's services can be terminated without notice.
Deemed Income is the part of the income of your spouse with whom you live, your parent(s) with whom you live, or your sponsor (if you are a noncitizen), which we use to compute your SSI benefit amount.
Your rental income after expenses will be included in your adjusted gross income once you file your federal return.
Active income is money earned through work, such as a salary, self-employment income or commissions. It requires direct involvement in providing services or labor. Jobs or careers that generally generate active income include doctors, engineers, teachers, salespersons and graphic designers.
Is your total income gross or net?
Gross pay is what employees earn before taxes, benefits and other payroll deductions are withheld from their wages. The amount remaining after all withholdings are accounted for is net pay or take-home pay.
Gross income for an individual—also known as gross pay when it's on a paycheck—is an individual's total earnings before taxes or other deductions. This includes income from all sources, not just employment, and is not limited to income received in cash; it also includes property or services received.
Income from salary is the sum of Basic salary + HRA + Special Allowance + Transport Allowance + any other allowance. Some components of your salary are exempt from tax, such as telephone bills reimbursem*nt, leave travel allowance. If you receive HRA and live on rent, you can claim exemption on HRA.
A TDS Refund arises when the taxes paid by way of TDS are greater than the actual tax payable calculated for the Financial Year. It is calculated after consolidating income earned from various sources. We all, as taxpayers, are categorized under various tax slabs.
| TDS in Water (measured in PPM) | Suitability for Drinking Water |
|---|---|
| Between 50-150 | Excellent for drinking |
| 150-250 | Good |
| 250-300 | Fair |
| 300-500 | Poor, not good for drinking |
The new TDS rules for 2023 include the introduction of TDS at 30% on income from online gaming winnings and a reduced TDS rate of 20% on EPF withdrawal for individuals without PAN.
“Casual taxable person” means a person who occasionally undertakes transactions involving supply of goods or services or both in the course or furtherance of business, whether as principal, agent or in any other capacity, in a State or a Union territory where he has no fixed place of business.
casual taxable persons are allowed to take the input tax credit on all inward supplies whether it is inputs, capital goods, and input services. a non-resident taxable person is allowed to take input tax credit only on the goods imported by them. All the others are blocked under section 17(5).
Electronic Cash Ledger is an account of the taxpayer maintained by GST system reflecting the cash deposits in recognized Banks and payments of taxes and other dues made by the taxpayer.
Part-time employees work less than 38 hours per week and are normally hired on a permanent basis. Sometimes part-time workers are employed on a fixed-term contract. While casual employees have irregular hours, part-time staff will often have set hours and work patterns that apply each week.
What does casual mean for job hours?
Casual employment is a type of employment in the HR world that is not permanent or ongoing. It is usually on an as-needed basis and can be for a few hours or days at a time.
Short-term Casual (Administrative Support):
Duties may include: Picking up and delivering mail, packages, supplies, etc. Set up and clean up for conferences, lectures and meetings. Answering telephones and keeping staff calendars updated.
Inheritances, gifts, cash rebates, alimony payments (for divorce decrees finalized after 2018), child support payments, most healthcare benefits, welfare payments, and money that is reimbursed from qualifying adoptions are deemed nontaxable by the IRS.
During the 36-month extended period of eligibility, you usually can make no more than $1,550 ($2,590 if you are blind) a month in 2024 or your benefits will stop. These amounts are known as Substantial Gainful Activity (SGA).
| State | Threshold |
|---|---|
| California | $56,758 |
| Colorado | $52,519 |
| Connecticut | $54,502 |
| Delaware | $47,870 |
