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Every year the residential status of the taxpayer is to be determined by applying the provisions of the Income-tax Law designed in this regard (discussed later) and, hence, it may so happen that in one year the individual would be a resident and ordinarily resident and in the next year he may become
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
What incomes are charged to tax under the head Capital Gains? Ans: Any profit or gain arising from transfer of a capital asset during the year is charged to tax under the head Capital Gains.
Is rental income from sub-letting chargeable to tax under the head Income from house property? Ans: Rental income in the hands of owner is charged to tax under the head Income from house property. Rental income of a person other than the owner cannot be charged to tax under the head Income from house property.
Discover the advantages of filing your return of income, contributing to national development, validating creditworthiness, accessing financial benefits, and more. Learn why filing your income tax returns is crucial. Looking for a comprehensive guide on filing income tax returns? Learn about the different forms, modes of filing, document requirements, and more in this master guide. Get all the information you need to file your income tax return accurately.
Understand the concept of presumptive taxation scheme, its eligibility criteria, and implications for taxpayers. Learn about different sections under Income-tax Act, such as 44AD, 44ADA, and 44AE, and how they provide relief to small taxpayers.
Clubbing of income means Income of other person included in assessees total income, for example: Income of husband which is shown to be the income of his wife is clubbed in the income of Husband and is taxable in the hands of the husband. Under the Income Tax Act a person has to pay taxes on his income.
1) Whether capitalization of interest payable attracts TDS U/S 194A? Whether conversion of out standing interest on loan into loan attracts TDS? Difference between Form-15G and Form-15H? Difference between TDS and TCS? What is due date for remittance of TDS certificates? (Form-16 and Form-16A)
Have questions about income tax payment? Read this article to find answers to frequently asked questions about income tax, including payment deadlines, income classification, gross total income, deductions, tax liability computation, and more.
New to filing income tax returns? Explore FAQs covering income tax basics, administrative framework, tax rates, receipts, exemptions, record-keeping, professions, and more. Ensure compliance and understanding of India’s income tax regulations.
