Written on Aug, 15, 2012 by in | Leave a comment

What is Tax Deduction at Source (TDS)? Financial Year 2016-17 Onward According to Indian Income Tax Act there are some specified payments against which tax is to be deducted at the time of payment or at the time of accrual, is called Tax Deducted at Source. Tax is being deducted by the person who pays the money at prescribed rates …

Written on Aug, 15, 2012 by in | 2 Comments.

What is Partnership Firm? When two or more person agree to start a business which will be carried on by all or any of those partners acting for all, with an aim of earning profit out of the activities of the business, will be called as partnership firm. But the partnership firm is an independent entity like other individuals. Therefore …

Written on Aug, 04, 2012 by in | Leave a comment

There are certain investments or savings or expenditures which are deducted from gross total income of certain specified tax payers. Mostly, these payments relate to future savings of income tax payers or some specified expenditures. The Government of India permits these payments as deductions from gross total income because of following reasons:- India is a developing country and basic aim …

Written on Jul, 31, 2012 by in | Leave a comment

What is Advance Tax? As per Indian Income Tax Act all the tax payers are required to pay income tax on their expected income of current financial year during the same finance year. For example Mr. X expects his income Rupees Five Lac during finance year 2017-18 and income tax liability is estimated Rs.15000/= after taking all tax savings figures …

Written on Jul, 28, 2012 by in | Leave a comment

Category – 1:-  As per Indian Income Tax Act every person is liable to pay income tax whose income exceeds the basic exemption limit during any financial year. Theses persons includes the following for income tax purpose:- Individuals (Including non-residents) Hindu Undivided Family (HUF) Association of Persons/Bodies of Individuals (Where the individual shares of the members are known. Association of …


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