Written on Aug, 17, 2012 by in | Leave a comment

WHO SHOULD FILE THE INCOME TAX RETURN? :- Every person, whose income is taxable, must file the income tax return with income tax authorities within the stipulated time. The following persons will have to file income tax return:- All Individuals Hindu Undivided Family (HUF), Association of Persons (AOP)/Body of Individuals (BOI) (where individual shares of the members are known) And …

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, 11, 2012 by in | Leave a comment

What is business: In brief, Business includes any trade, commerce and manufacturing of goods with a purpose of making profit within the permissible laws of country. What is a Profession: It includes services provided by the professionally qualified or technically qualified person according to their qualification. Income from Business/Profession: means any income which is shown in profit and loss account …

Written on Aug, 11, 2012 by in | Leave a comment

Any income which does not fall under any other head of income i.e. Income from business/profession, Income from salary, capital gains and house property then it will be called as income from other sources. Following are few examples of income which are treated as income from other sources as per Indian income tax act:- Any amount received as rent from …

Written on Aug, 08, 2012 by in | Leave a comment

What is Capital Gain? Capital gain means any profits or gains which arises from sale of capital assets. Capital gain is chargeable to income tax under the head capital gains in that financial year in which the transfer takes place. Taxation of capital gains, thus, depends on two aspects – capital assets and transfer. What is Capital Asset? Capital asset …

Written on Aug, 05, 2012 by in | Leave a comment

What is house property? House property means any building of which the assessee is the owner. Ownership of the building is must in case of calculation of income from house property. Notes: Income from sub-letting of the house property is taxable under the head “Income from other sources”. If rent of furniture is received along with the house rent, the …

Written on Aug, 05, 2012 by in | Leave a comment

Section 10 of Indian Income Tax Act deals with all incomes which are exempt from income tax. We are giving the details of few important exempted incomes as under:- Agricultural Income is exempt from income tax. However, If net income from agriculture exceeds Rs.5000/=, then it will be taken for determining the tax rates of income. Any amount received by …

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

Meaning of salary: As per Indian Income Tax Act Salary includes:- Wages Annuity or pension Any gratuity over and above the exemption limit Any fees Commission Any advance salary Amount contributed by the employer towards the recognized provident fund in excess of 12% of salary Interest on balance in RPF in excess of specified limit. Value of any perquisites Any …


Related pages


debit and credit entries in trial balancewhat is proprietorship firmdeduction under section 80ttawithdrawal meaning in hindiexamples of secured loanswhat is the difference between a bookkeeper and an accountanttax computation samplewhat is the meaning of gratuitysurpluses meaningtds payment detailsledger posting in accountingaccounting for non profit making organisations80u deductionhow to do trial balance from ledgerinterest on ppf account is taxable or notcalculate net taxable income indiahow to prepare bank reconciliation statement with exampleaccrued interest accounting entrydiscount received journal entrytally accounting tutoriallimit for tds deductionequity accounting entriescontra entry examplesundry debitorsjournal entry for provision for expensesshares accounting entriestds on saving accountexample p&lwhat does sundries mean in accountingjournal entry to accrue interesttax slab 2013-14income tax 80 ttacheque payment receipt formatdifference between accounting and bookkeeping pdfreceipt voucher templatecalculation of accrued interest on fixed deposithow to check tds deducted onlineexamples of journal entries in tallyworking capital requirement investopedialedger balance meansaccounting trial balance definitionwhat is 80tta in income taxwhen tds will be deductedtrial balance tallyillustration of income tax calculationdeduction of tdsprofesoncash payment voucher formatpension commutation definitionworking capital requirement investopediaincome tax calculator for ay 2012 13why closing stock not in trial balancecalculation of accrued interest on fixed depositvoucher system in accountingcontingent liability examplessample p&lexamples of journal entries with narrationbalancing of ledger accountsspecimen of trial balancestaff welfare meaning in hindiwhat is a sundry debtoraccounting ledger notebookerrors detected by trial balanceslab rate for 2013 14cash discount examplecommutation pensionbank cash book formattrial balance definition in accountingtds deductedhow to calculate income tax in indiatally tipshinkhoj question bankdifference between sundry debtors and sundry creditorsincome tax slab rate ay 2013 14how to find errors in trial balancedebit credit voucher formatgolden rules for accounting with examplessalary income tax calculator indiawho are sundry debtorsdelhi vat rate