In Income Tax Act, 1961, Section 10 is specifically meant to explain all types of Income received which do not form part of Total Income. This section plays an important role in computation of taxable income. So as to understandContinue reading… Income which do not form part of Total Income
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
There are many types of Forms given in Income Tax Act, which are practically difficult to recognize. However in actual life, it is greatly used for various compliance purposes. So for better grasp of knowledge at on one place, IContinue reading… #Learn Taxation: Compiled List of various Forms as given in Income Tax Act, 1961
Financial Budget 2018 brought many kinds of amendments in taxation. Although there was no major relief given to middle class people. Still having a good knowledge of some specific changes from 1st April onwards is important for everyone! In BudgetContinue reading… Changes in taxation from 1st April 2018 everyone should know!
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!
Many of the people are often confused when they analyse their income tax return, specially in terms of interest penalty charged on tax. One of the baffling interest penalties charged on tax are u/s 234A, 234B and 234C of IncomeContinue reading… #Learn Taxation: Difference between interest charged under Section-234A, 234B and 234C