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, 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, 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 …


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