Daily Archives: September 16, 2015

salary income and Income Tax Questions

Income Tax on salary income ​What is considered as salary income? S​ection 17(1) ​ of the Income-tax Act defines the term ‘salary’. However, not going into the technical definition, generally whatever is received by an employee from an employer in cash, kind or as a facility [perquisite] is considered as salary. ​What are allowances in salary… Read More »

Income Tax Return Questions and Answers

Income Tax Return What is a Income Tax Return? It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. Different forms of returns of income are prescribed for filing of returns for different Status… Read More »

Tax audit Questions and Answers

Tax Audit [As amended upto Finance Act, 2015]​ What is Tax Audit ?  The Income-tax Law requires the taxpayer to get the audit of the accounts of his business/profession from the view point of Income-tax Law. ​What is the objective of tax audit? One of the objectives of tax audit is to ascertain/derive/report the requirements of… Read More »