Total income of an assessee cannot be computed unless we know his residential status in India during the previous year. According to the residential status, the assessee can either be: Resident in India Non-resident in India However individual and HUFContinue reading… Determination of Residential Status
This post is meant to learn various concepts relating to Taxation like Definition of Person, Assessment Year, Previous Year, etc. So must read till end. Person: Person includes: An Individual A Hindu Undivided Family(HUF) A Company A Firm An AssociationContinue reading… Important Concepts in Taxation
TDS(Tax Deducted At Source) is the tax deducted by deductor before paying any amount to deductee. It is a kind of Advance Tax where the amount of tax is paid periodically as mentioned in the Act. TDS involves two parties:Continue reading… #Learn Taxation: Types of Tax Deducted at Source
Earlier we had learned about Penalty interest u/s 234A, 234B and 234C. Know about it later. Today we will learn all about Advance Tax. Advance tax is tax paid before completion of financial year. It is also known as payContinue reading… #Learn Taxation: Know about Advance Tax!