Taxpayers often get confused about the maintenance of books of accounts and the period for which books are maintained and as a result they non-comply the income tax provisions. To understand the provisions, one need to first get an idea about books of accounts and Specified profession, and non-specified profession and business. Books of accounts: …
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What is House property income is a question that taxpayer wants while filing his income tax return. It has been seen that taxpayers often get confused that what income should be included under the head of ‘’Income from House Property’’. Under the income tax act 1961 the owner of the house property is taxed on …
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What are allowances? Allowances are the monetary support that is permitted within the permissible limit. Allowances are financial benefit given by the employer over and above the regular salary. Under the income tax act, allowances incurred to meet expenses in performance of duties of an office or employment of office are mainly exempted. Income tax …
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Income tax department has released all forms for filing income tax returns for the financial year 2021-22 (Assessment year 2022-23) and it has issued utilities for filing tax audit report for individuals, HUF, Corporates. ITR forms are open and due dates are already specified under the income tax act. Income tax act says that every …
Income tax is a hot topic for every high paying taxpayer. Every time we meet with our associates, we discuss about tax planning and tax saving. It has been seen for last many years that salaried class is paying income tax higher than business class taxpayers. Hence salaried individuals are very much concerned about their …
What is Tax Deduction at source (TDS) In order to collect quick and frequent collection of tax government has introduced a system of collection tax from the payment made by payer to the payee. Under this system TDS rate is specified and the payer is liable to deduct the TDS at the rate specified under …
Income tax return is a declaration of income by a person who is earning more than the amount of income which is not chargeable to tax. Currently there is no income tax up to the amount of INR 2.5 lakh. However, filing of income tax return is a voluntary decision of a person earning below …
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What is definition of term ‘Salary’ under the income tax act 1961? Section 17 income tax act defines term ‘Salary’, however in general term salary is defined as whatever amount received by employee from employer whether in cash or kind or as Facilities (Perquisites) is considered as Salary. In order to determine the correct Income …
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Income tax return is a form in which taxpayer must file information in relation to income earned during the previous year. Till the date income tax department has specified 7 forms for different category of taxpayers. Taxpayer has 2 options to file ITR. Taxpayer can either choose online method or file using the ‘Common Offline …
As per the income tax act 1961, every person being a person other than company and firm should file their income tax return if total income during the previous year exceeded the amount which is not chargeable to income tax. The income tax return should be filed on of before the due date. Due date …
