What is GST in India?
G’ – Goods ‘S’ – Services ‘T’ – Tax “Goods and Service Tax (GST) is a comprehensive tax levy on
Category: TAX
Penalty Under Income Tax Act 1961
Interest and Late Fee Interest Imposed by the IT Department – Section 234A Types of Interest There are 4 different
What is residential status in income tax?
Residential Status:- It is important for Income Tax Department to determine the residential status of a tax paying individual or
What are the 5 heads of income?
Income from salary/pension: This includes basic salary, taxable allowances, perquisites, and profit in lieu of salary, as well as pension received
What is Form 26AS?
Form 26 AS Tax Credit Statement 1. What is Form 26AS? Includes info on tax deducted on your income by
Computation of Total Income
In order to file your Income Tax Return, you first need to collect all the information required to file it. The
What is Advance Tax?
Advance Tax As the name suggests, advance tax refers to paying a part of your taxes before the end of the financial year. Also
Deductions under Chapter VIA of Income Tax “Act” 1961
Indian tax laws contain certain provision, which are intended to act as an incentive for achieving certain desirable socio economic
Continue readingDeductions under Chapter VIA of Income Tax “Act” 1961
What do you mean by income from other sources?
Chargeability As per section 56(1), income of every kind, which is not be excluded from the total income under this
Continue readingWhat do you mean by income from other sources?
WHAT IS PAN? (Permanent Account Number)
PAN PAN or Permanent Account Number, is a unique 10-digit Alphanumeric Identity by the Income Tax Department under the supervisor