Daily Archives: September 19, 2015

Residential status under Income Tax Provisions

Residential status under Income Tax Act 1961 ​Is the residential status of a person relevant for determining the taxability of the income in his hands? ​ Yes, the residential status of a person earning income is very much relevant for determining the taxability of such income in his hands. Taxability of any income in the hands… Read More »

Assessment under Income Tax Act 1961

Assessment under Income Tax Act 1961​ What is the meaning of assessment?​ Every taxpayer has to furnish the details of his income to the Income-tax Department. These details are to be furnished by filing his return of income. Once the return of income is filed by the taxpayer, the next step is the processing of… Read More »

Computation of Taxable Income and Tax

Computation of Taxable Income and Tax under Income Tax Act 1961 [As amended by Finance Act, 2015] Reference: www.Incometaxindia.gov.in Under how many heads the income of a taxpayer is classified for computing Taxable Income?​ ​S​ection 14​ of the Income-tax Act has classified the income of a taxpayer under five different heads of income, viz.: Salaries Income from… Read More »

Income tax Questions and Answers

Income tax Act 1961 ​What is Income tax? It is a tax levied by the Government of India on the income of every person. The provisions governing the Income tax Law are given in the Income tax Act, 1961.​ ​What is the administrative framework of Income tax?   The revenue functions of the Government of… Read More »