Contact Us
    ×

    Question and Answers


    Is Section 80CCD(1B) applicable to investments made by a spouse in the Atal Pension Yojna (APY)?
    Investments made in APY are tax deductible under Section 80CCD (1B) and can be considered similarly to NPS investments. As a result, APY can claim the deduction under Section 80CCD (1B). An...Read More
    Income Tax-Personal
    What distinguishes the NPS exemption from income tax under section 80CCD(1B) from the NPS exemption under section 80C?
    Up to 1,50,000 rupees may be deducted from NPS under Section 80C, and an additional 50,000 rupees may be deducted by Section 80CCD(1B).
    Income Tax-Personal
    Do 80CCC and 80CCD fall under 80C or are they separate tax incentives for investments? Are they above the 80C limit of Rs. 1,50,000?
    A deduction under section 80C, section 80CCC, and section 80CCD(1) may be combined; however, as per 80CCE, the total deduction under all three sections cannot exceed INR 1,50,000.
    Income Tax-Personal
    Can I deduct my SIPs from my taxes under Section 80C?
    Section 80C applies to ELSS SIP investments, however, it does not apply to SIPs for other mutual funds.
    Income Tax-Personal
    Does investment made through NPS fall under section 80 C?
    Yes, Section 80C does apply to investments in NPS.  
    Income Tax-Personal
    Does the Provident Fund qualify for a tax exemption under section 80C?
    The provident fund does fall under section 80C. Recognized provident fund and unrecognized provident fund are the two types of PF. An employee may claim a deduction for the money that he, not the...Read More
    Income Tax-Personal
    Does the tax deduction under Section 80 C apply to recurring deposits?
    The recurring deposit is not covered by section 80C but the five-year fixed deposit is. Other investments covered by section 80C include principal repayment of house loan, tuition fee, ELSS, LIC, etc.
    Income Tax-Personal
    Is it necessary to verify the original return in order to file a revised return?
    No, you are not required to check the original return before filing the new one. If the updated return is submitted and verified, there is no need to check the initial return. Only the updated return...Read More
    Income Tax-Personal
    Being a non-resident, Without a mobile phone number in India, how can I register on the e-filing portal?
    In order to register for an account on the Income Tax Department's e-filing portal, a mobile number and email address are required fields. A new user must provide the One-Time Password (OTP) sent...Read More
    Income Tax-Personal
    When is an obligation to non-residents to submit a tax return of income required?
    A non-resident must file an income tax return in accordance with the rules that apply to the comparable resident assessee if they have income that is taxable in India. But let's say a company is...Read More
    Income Tax-Personal
    Can the Aadhaar number be used as a PAN Number login procedure for incometax.gov.in?
    Yes, Every person who has been assigned a PAN and is qualified to receive an Aadhaar number must inform the Income-tax Department of his Aadhaar number. The Income-tax Act permits the...Read More
    Income Tax-Personal
    What formula is used to determine long-term capital gains?
    The full value of the consideration received upon transferring the long-term capital asset will be subtracted from the cost of the long term capital asset after considering indexation to determine...Read More
    Income Tax-Personal
    If a partner in a partnership firm retires, are there any special provisions for loss carryover in that case?
    In event of a change to the constitution of a partnership carrying to the death or retirement of a partner, carry-infection 78 contains provisions relating to carry forward and set off of a loss (...Read More
    Income Tax-Personal
    Can a loss be carried forward by a reconstituted corporation in the event of a business constitution change?
     In most cases, the person who suffers a loss merely has the right to carry it forward to be corrected in the next year (s). However, the reconstituted corporation is eligible to carry forward...Read More
    Income Tax-Personal
    What are the rules outlined in the Income Tax Law regarding the set off of unabsorbed depreciation, unused capital expenditures for scientific research, and unused capital expenditures to encourage family planning among employees?
    The first thing that is subtracted from the income subject to tax under the heading "Profits and gains of business or profession" is depreciation. The unabsorbed component must be added to...Read More
    Income Tax-Personal
    What guidelines have been established by the Income Tax Law regarding the carry forward and offset of capital losses?
    Unadjusted capital losses can be carried forward to the following year if losses under the "Capital Gain during the year in the same heading cannot be adjusted in the same year. The...Read More
    Income Tax-Personal
    What provisions of the Income Tax Law are made regarding the carry forward and offset of losses on house property?
    Unadjusted loss may be carried forward to the following year if loss cannot be properly adjusted in the year in which such loss is incurred. In successive years, only income subject to taxation...Read More
    Income Tax-Personal
    What sections of the Income Tax Act govern the carry forward and offset of losses from the speculative business?
    If a loss from a small business can't be adjusted in the year it occurs, the unadjusted loss might be carried forward to be corrected in the next year. Such losses may be mitigated in the next...Read More
    Income Tax-Personal
    Can the taxpayer carry forward the partially adjusted loss for adjustment in the following year if the income of the year in which the loss is incurred is insufficient?
    Many times, even after intra- and inter-head adjustments, the loss might still not be taken into account. Such an unadjusted loss may be carried forward to the following year and offset by the income...Read More
    Income Tax-Personal
    What limitations must be taken into consideration when adjusting a loss across sources?
    Before implementing intra-head modifications that result in loss, the following limitations should be kept in mind: • Any income changes resulting from speculative operations cannot be offset...Read More
    Income Tax-Personal
    What does the term "inter-source adjustment" mean?
    If a taxpayer has a loss from any source falling under a specific head of income in any given year, he or she is permitted to offset that loss against revenue from any other source falling under the...Read More
    Income Tax-Personal
    Can a loss from an exempt source be offset by any other taxable income if the source's revenue is exempt?
    If a source code's income is tax-exempt, losses from that source can't be offset against any other income that is subject to taxation. For eg .If a taxpayer experiences a loss from...Read More
    Income Tax-Personal
    What exactly is Form 12BB?
    Form No. 12BB must be sent by an employee to his employer in order to estimate his income or calculate the tax deduction at source. In order to estimate his income or determine the tax deduction...Read More
    Income Tax-Personal
    What is the House Rent Allowance's (HRA) taxability?
    At least one of the following is exempt (not taxable or subtracted) from the total HRA received. (A) Rent paid less 10% of (BP+DA) B(i)) 40% of the (BP+DA) for Non Metro cities B(ii) 50% of...Read More
    Income Tax-Personal
    What tax treatment does an employer's ex-gratia have?
     If a person or his heir gets ex-gratia from the Central Government, a State Government, a Local Authority, or a Public Sector Undertaking as a result of personal injury or death while...Read More
    Income Tax-Personal
    Is the cashing of a leave of absence taxable as salary?
    If received while in service, it is taxed. The Government employee is exempt from paying taxes on any leave encashment they earned at retirement. In the hands of non-government employees, leave...Read More
    Income Tax-Personal
    If I receive my pension from a bank, who the bank or my previous employer will send me a Form-16 or pension statement?
    Government employees are not required to pay taxes on their gratuities and pension fund receipts. Gratuity is exempt in the hands of non-government employees up to the limitations set forth in this...Read More
    Income Tax-Personal
    My Company reimburses me for all of my shopping and childcare costs. Are these going to count as my income?
    Yes, these have the status of perquisites and should be evaluated in accordance with the guidelines established in this regard.
    Income Tax-Personal
    What are allowances?
    In general, there are three categories of allowances under the Income-tax Act: taxable allowances, fully exempt allowances, and partially exempted allowances. a) Perquisites are extraneous...Read More
    Income Tax-Personal
    What is meant by salary income?
    The term "salary" is defined under Section 17 of the Income-tax Act. Without getting into the formal term, however, generally speaking, anything that an employee receives from his employer...Read More
    Income Tax-Personal
    What is TDS certificate?
    TDS certificate is issued by the deductor to the deductee.         Form 16: It is issued by the employer to the employee, it indicates details of tax...Read More
    Income Tax-Personal
    What is the late filing fee for TDS return?
     As per the section 234E, the deductor is liable to pay fee of Rs.200 per day until return is filed. Penalty should not exceed the amount of TDS.
    Income Tax-Personal
    How is interest calculated on late payment of TDS?
     When TDS is deducted- 1% per month or part thereof, for the period from the date on which TDS is        deductible/collectible to the date on which TDS/TCS is actually...Read More
    Income Tax-Personal
    What are the due dates for filing of TDS return?
    Quarter Due Dates 1st April to 30th June 31st July of Financial year 1st Jul to 30th Sep 31st...Read More
    Income Tax-Personal
    When TDS is to be deposited?
    TDS to be deposited on or before 7th of the following month.  
    Income Tax-Personal
    When TDS is to be deducted?
    TDS to be deducted either at the time of credit to the deductee account or at the time of payment whichever is earlier.  
    Income Tax-Personal
    What is TAN?
    TAN stands for the Tax Deduction Account Number. TAN is required to be obtained by all persons who are responsible for deducting or collecting of tax. It is a 10 digit alpha numeric number allotted...Read More
    Income Tax-Personal
    What is TAN?
    TAN stands for the Tax Deduction Account Number. TAN is required to be obtained by all persons who are responsible for deducting or collecting of tax. It is a 10 digit alpha numeric number allotted...Read More
    Income Tax-Personal
    How can one Revise Income Tax Return?
    A return can be revised u/s 139(5) before processing by the department or before the expiry of the relevant assessment year whichever is earlier. While uploading original return if...Read More
    Income Tax-Personal
    How to E-Verify Income tax Return?
    Various modes are prescribed for validating income tax returns through electronic verification code (EVC): Through Aadhaar Number OTP Generation of EVC Through Net...Read More
    Income Tax-Personal
    Which ITR Form to fill?
    Selection of ITR form depends on the nature of Income:   ITR-1 For Individuals (Resident) having Income from Salaries, one house property, other sources...Read More
    Income Tax-Personal
    What is a deferred tax liability?
    The tax liability that a company owes and does not pay at the current point, but is responsible for paying it at some point in the near future is termed deferred tax liability. It is a balance sheet...Read More
    Income Tax-Personal
    What is a deferred tax asset?
    When a firm pays tax early or has paid excess of tax and needs to get some money back from the tax authorities is termed as a deferred tax asset. The term is recorded in the balance sheet and is also...Read More
    Income Tax-Personal
    What do you mean by Capital Gain?
    The profit that is earned by selling an asset means capital gain. When the asset is being sold the income or the gain that arises is the difference between the selling price and the actual price in...Read More
    Income Tax-Personal
    How to decide the residential status of profits or income taxpayers?
    The residential status of an individual is categorized as Resident and Non-Resident. An individual is said to be a resident of India in any previous year if he satisfies any one of the basic...Read More
    Income Tax-Personal
    What is Tax evasion ,Tax avoidance and Tax planning ?
    Tax evasion means a method of evading tax liability by dishonest means like suppression, conscious violation of rules, inflation of expenses etc. Tax evasion involves use of unfair means while tax...Read More
    Income Tax-Personal
    What is Gross Total Income?
    Gross total income is the aggregate of income under all the five heads of income after adjusting the set-off & carry forward of losses. Deductions under chapter VIA is provided from GTI, to...Read More
    Income Tax-Personal
    What is exempt income and taxable income?
    An exempt income is not charged to tax, i.e., Income-tax Law specifically grants exemption from tax to such income. Incomes which are chargeable to tax are called as taxable incomes.
    Income Tax-Personal
    What is tax on regular assessment and how is it paid?
    Under the Income-tax Act, every person has the responsibility to correctly compute and pay his due taxes. Where the Department finds that there has been understatement of income and resultant tax...Read More
    Income Tax-Personal
    Who is not liable to pay advance tax?
    A resident senior citizen (i.e., an individual of the age of 60 years or above during the relevant financial year) not having any income from business or profession is not liable to pay advance tax.
    Income Tax-Personal
    When Liability for payment of advance tax arises and how it’s calculated and paid?
    Under section 208, obligation to pay advance tax arises in every case where the estimated tax liability is Rs.10000 or more. ??Advance tax is to be paid in instalments as given...Read More
    Income Tax-Personal
    How does the government collect Income tax?
    Taxes are collected by the Government through three means: Voluntary payment by taxpayers through advance tax and Self Assessment tax Taxes deducted at source (TDS) from the income...Read More
    Income Tax-Personal
    Who is liable to pay income tax?
    Income-tax is to be paid by every person. The term 'person' as defined under the Income-tax Act under section 2(3) covers in its ambit natural as well as artificial persons. The...Read More
    Income Tax-Personal
    What is the period for which a person’s income is taken into account for the purpose of income tax?
    Income-tax is levied on the annual income of a person. The year under the Income-tax Law is the period starting from 1st April and ending on 31st March of next calendar year. The Income-tax...Read More
    Income Tax-Personal
    What is direct tax and indirect tax?
    Direct tax on which incidence and impact fall on the same person, such as Income Tax. Indirect tax on which incidence and impact fall on two different persons, such as GST.  
    Income Tax-Personal
    How is the Income-tax calculated?
    Income Tax is calculated on the basis of the total income of an individual related to salaries, profits of businesses, capital gains, house property, and other sources. The income tax is calculated...Read More
    Income Tax-Personal
    What is Income tax?
    Income tax is a direct tax that a government levies on the income of its citizens. The Income Tax Act, 1961, mandates that the central government collect this tax.
    Income Tax-Personal
    Is Section 80CCD(1B) applicable to investments made by a spouse in the Atal Pension Yojna (APY)?
    Investments made in APY are tax deductible under Section 80CCD (1B) and can be considered similarly to NPS investments. As a result, APY can claim the deduction under Section 80CCD (1B). An...Read More
    Income Tax-Personal
    What distinguishes the NPS exemption from income tax under section 80CCD(1B) from the NPS exemption under section 80C?
    Up to 1,50,000 rupees may be deducted from NPS under Section 80C, and an additional 50,000 rupees may be deducted by Section 80CCD(1B).
    Income Tax-Personal
    Do 80CCC and 80CCD fall under 80C or are they separate tax incentives for investments? Are they above the 80C limit of Rs. 1,50,000?
    A deduction under section 80C, section 80CCC, and section 80CCD(1) may be combined; however, as per 80CCE, the total deduction under all three sections cannot exceed INR 1,50,000.
    Income Tax-Personal
    Can I deduct my SIPs from my taxes under Section 80C?
    Section 80C applies to ELSS SIP investments, however, it does not apply to SIPs for other mutual funds.
    Income Tax-Personal
    Does investment made through NPS fall under section 80 C?
    Yes, Section 80C does apply to investments in NPS.  
    Income Tax-Personal
    Does the Provident Fund qualify for a tax exemption under section 80C?
    The provident fund does fall under section 80C. Recognized provident fund and unrecognized provident fund are the two types of PF. An employee may claim a deduction for the money that he, not the...Read More
    Income Tax-Personal
    Does the tax deduction under Section 80 C apply to recurring deposits?
    The recurring deposit is not covered by section 80C but the five-year fixed deposit is. Other investments covered by section 80C include principal repayment of house loan, tuition fee, ELSS, LIC, etc.
    Income Tax-Personal
    Is it necessary to verify the original return in order to file a revised return?
    No, you are not required to check the original return before filing the new one. If the updated return is submitted and verified, there is no need to check the initial return. Only the updated return...Read More
    Income Tax-Personal
    Being a non-resident, Without a mobile phone number in India, how can I register on the e-filing portal?
    In order to register for an account on the Income Tax Department's e-filing portal, a mobile number and email address are required fields. A new user must provide the One-Time Password (OTP) sent...Read More
    Income Tax-Personal
    When is an obligation to non-residents to submit a tax return of income required?
    A non-resident must file an income tax return in accordance with the rules that apply to the comparable resident assessee if they have income that is taxable in India. But let's say a company is...Read More
    Income Tax-Personal
    Can the Aadhaar number be used as a PAN Number login procedure for incometax.gov.in?
    Yes, Every person who has been assigned a PAN and is qualified to receive an Aadhaar number must inform the Income-tax Department of his Aadhaar number. The Income-tax Act permits the...Read More
    Income Tax-Personal
    What formula is used to determine long-term capital gains?
    The full value of the consideration received upon transferring the long-term capital asset will be subtracted from the cost of the long term capital asset after considering indexation to determine...Read More
    Income Tax-Personal
    If a partner in a partnership firm retires, are there any special provisions for loss carryover in that case?
    In event of a change to the constitution of a partnership carrying to the death or retirement of a partner, carry-infection 78 contains provisions relating to carry forward and set off of a loss (...Read More
    Income Tax-Personal
    Can a loss be carried forward by a reconstituted corporation in the event of a business constitution change?
     In most cases, the person who suffers a loss merely has the right to carry it forward to be corrected in the next year (s). However, the reconstituted corporation is eligible to carry forward...Read More
    Income Tax-Personal
    What are the rules outlined in the Income Tax Law regarding the set off of unabsorbed depreciation, unused capital expenditures for scientific research, and unused capital expenditures to encourage family planning among employees?
    The first thing that is subtracted from the income subject to tax under the heading "Profits and gains of business or profession" is depreciation. The unabsorbed component must be added to...Read More
    Income Tax-Personal
    What guidelines have been established by the Income Tax Law regarding the carry forward and offset of capital losses?
    Unadjusted capital losses can be carried forward to the following year if losses under the "Capital Gain during the year in the same heading cannot be adjusted in the same year. The...Read More
    Income Tax-Personal
    What provisions of the Income Tax Law are made regarding the carry forward and offset of losses on house property?
    Unadjusted loss may be carried forward to the following year if loss cannot be properly adjusted in the year in which such loss is incurred. In successive years, only income subject to taxation...Read More
    Income Tax-Personal
    What sections of the Income Tax Act govern the carry forward and offset of losses from the speculative business?
    If a loss from a small business can't be adjusted in the year it occurs, the unadjusted loss might be carried forward to be corrected in the next year. Such losses may be mitigated in the next...Read More
    Income Tax-Personal
    Can the taxpayer carry forward the partially adjusted loss for adjustment in the following year if the income of the year in which the loss is incurred is insufficient?
    Many times, even after intra- and inter-head adjustments, the loss might still not be taken into account. Such an unadjusted loss may be carried forward to the following year and offset by the income...Read More
    Income Tax-Personal
    What limitations must be taken into consideration when adjusting a loss across sources?
    Before implementing intra-head modifications that result in loss, the following limitations should be kept in mind: • Any income changes resulting from speculative operations cannot be offset...Read More
    Income Tax-Personal
    What does the term "inter-source adjustment" mean?
    If a taxpayer has a loss from any source falling under a specific head of income in any given year, he or she is permitted to offset that loss against revenue from any other source falling under the...Read More
    Income Tax-Personal
    Can a loss from an exempt source be offset by any other taxable income if the source's revenue is exempt?
    If a source code's income is tax-exempt, losses from that source can't be offset against any other income that is subject to taxation. For eg .If a taxpayer experiences a loss from...Read More
    Income Tax-Personal
    What exactly is Form 12BB?
    Form No. 12BB must be sent by an employee to his employer in order to estimate his income or calculate the tax deduction at source. In order to estimate his income or determine the tax deduction...Read More
    Income Tax-Personal
    What is the House Rent Allowance's (HRA) taxability?
    At least one of the following is exempt (not taxable or subtracted) from the total HRA received. (A) Rent paid less 10% of (BP+DA) B(i)) 40% of the (BP+DA) for Non Metro cities B(ii) 50% of...Read More
    Income Tax-Personal
    What tax treatment does an employer's ex-gratia have?
     If a person or his heir gets ex-gratia from the Central Government, a State Government, a Local Authority, or a Public Sector Undertaking as a result of personal injury or death while...Read More
    Income Tax-Personal
    Is the cashing of a leave of absence taxable as salary?
    If received while in service, it is taxed. The Government employee is exempt from paying taxes on any leave encashment they earned at retirement. In the hands of non-government employees, leave...Read More
    Income Tax-Personal
    If I receive my pension from a bank, who the bank or my previous employer will send me a Form-16 or pension statement?
    Government employees are not required to pay taxes on their gratuities and pension fund receipts. Gratuity is exempt in the hands of non-government employees up to the limitations set forth in this...Read More
    Income Tax-Personal
    My Company reimburses me for all of my shopping and childcare costs. Are these going to count as my income?
    Yes, these have the status of perquisites and should be evaluated in accordance with the guidelines established in this regard.
    Income Tax-Personal
    What are allowances?
    In general, there are three categories of allowances under the Income-tax Act: taxable allowances, fully exempt allowances, and partially exempted allowances. a) Perquisites are extraneous...Read More
    Income Tax-Personal
    What is meant by salary income?
    The term "salary" is defined under Section 17 of the Income-tax Act. Without getting into the formal term, however, generally speaking, anything that an employee receives from his employer...Read More
    Income Tax-Personal
    What is TDS certificate?
    TDS certificate is issued by the deductor to the deductee.         Form 16: It is issued by the employer to the employee, it indicates details of tax...Read More
    Income Tax-Personal
    What is the late filing fee for TDS return?
     As per the section 234E, the deductor is liable to pay fee of Rs.200 per day until return is filed. Penalty should not exceed the amount of TDS.
    Income Tax-Personal
    How is interest calculated on late payment of TDS?
     When TDS is deducted- 1% per month or part thereof, for the period from the date on which TDS is        deductible/collectible to the date on which TDS/TCS is actually...Read More
    Income Tax-Personal
    What are the due dates for filing of TDS return?
    Quarter Due Dates 1st April to 30th June 31st July of Financial year 1st Jul to 30th Sep 31st...Read More
    Income Tax-Personal
    When TDS is to be deposited?
    TDS to be deposited on or before 7th of the following month.  
    Income Tax-Personal
    When TDS is to be deducted?
    TDS to be deducted either at the time of credit to the deductee account or at the time of payment whichever is earlier.  
    Income Tax-Personal
    What is TAN?
    TAN stands for the Tax Deduction Account Number. TAN is required to be obtained by all persons who are responsible for deducting or collecting of tax. It is a 10 digit alpha numeric number allotted...Read More
    Income Tax-Personal
    What is TAN?
    TAN stands for the Tax Deduction Account Number. TAN is required to be obtained by all persons who are responsible for deducting or collecting of tax. It is a 10 digit alpha numeric number allotted...Read More
    Income Tax-Personal
    How can one Revise Income Tax Return?
    A return can be revised u/s 139(5) before processing by the department or before the expiry of the relevant assessment year whichever is earlier. While uploading original return if...Read More
    Income Tax-Personal
    How to E-Verify Income tax Return?
    Various modes are prescribed for validating income tax returns through electronic verification code (EVC): Through Aadhaar Number OTP Generation of EVC Through Net...Read More
    Income Tax-Personal
    Which ITR Form to fill?
    Selection of ITR form depends on the nature of Income:   ITR-1 For Individuals (Resident) having Income from Salaries, one house property, other sources...Read More
    Income Tax-Personal
    What is a deferred tax liability?
    The tax liability that a company owes and does not pay at the current point, but is responsible for paying it at some point in the near future is termed deferred tax liability. It is a balance sheet...Read More
    Income Tax-Personal
    What is a deferred tax asset?
    When a firm pays tax early or has paid excess of tax and needs to get some money back from the tax authorities is termed as a deferred tax asset. The term is recorded in the balance sheet and is also...Read More
    Income Tax-Personal
    What do you mean by Capital Gain?
    The profit that is earned by selling an asset means capital gain. When the asset is being sold the income or the gain that arises is the difference between the selling price and the actual price in...Read More
    Income Tax-Personal
    How to decide the residential status of profits or income taxpayers?
    The residential status of an individual is categorized as Resident and Non-Resident. An individual is said to be a resident of India in any previous year if he satisfies any one of the basic...Read More
    Income Tax-Personal
    What is Tax evasion ,Tax avoidance and Tax planning ?
    Tax evasion means a method of evading tax liability by dishonest means like suppression, conscious violation of rules, inflation of expenses etc. Tax evasion involves use of unfair means while tax...Read More
    Income Tax-Personal
    What is Gross Total Income?
    Gross total income is the aggregate of income under all the five heads of income after adjusting the set-off & carry forward of losses. Deductions under chapter VIA is provided from GTI, to...Read More
    Income Tax-Personal
    What is exempt income and taxable income?
    An exempt income is not charged to tax, i.e., Income-tax Law specifically grants exemption from tax to such income. Incomes which are chargeable to tax are called as taxable incomes.
    Income Tax-Personal
    What is tax on regular assessment and how is it paid?
    Under the Income-tax Act, every person has the responsibility to correctly compute and pay his due taxes. Where the Department finds that there has been understatement of income and resultant tax...Read More
    Income Tax-Personal
    Who is not liable to pay advance tax?
    A resident senior citizen (i.e., an individual of the age of 60 years or above during the relevant financial year) not having any income from business or profession is not liable to pay advance tax.
    Income Tax-Personal
    When Liability for payment of advance tax arises and how it’s calculated and paid?
    Under section 208, obligation to pay advance tax arises in every case where the estimated tax liability is Rs.10000 or more. ??Advance tax is to be paid in instalments as given...Read More
    Income Tax-Personal
    How does the government collect Income tax?
    Taxes are collected by the Government through three means: Voluntary payment by taxpayers through advance tax and Self Assessment tax Taxes deducted at source (TDS) from the income...Read More
    Income Tax-Personal
    Who is liable to pay income tax?
    Income-tax is to be paid by every person. The term 'person' as defined under the Income-tax Act under section 2(3) covers in its ambit natural as well as artificial persons. The...Read More
    Income Tax-Personal
    What is the period for which a person’s income is taken into account for the purpose of income tax?
    Income-tax is levied on the annual income of a person. The year under the Income-tax Law is the period starting from 1st April and ending on 31st March of next calendar year. The Income-tax...Read More
    Income Tax-Personal
    What is direct tax and indirect tax?
    Direct tax on which incidence and impact fall on the same person, such as Income Tax. Indirect tax on which incidence and impact fall on two different persons, such as GST.  
    Income Tax-Personal
    How is the Income-tax calculated?
    Income Tax is calculated on the basis of the total income of an individual related to salaries, profits of businesses, capital gains, house property, and other sources. The income tax is calculated...Read More
    Income Tax-Personal
    What is Income tax?
    Income tax is a direct tax that a government levies on the income of its citizens. The Income Tax Act, 1961, mandates that the central government collect this tax.
    Income Tax-Personal

    Recent Post

    Q. Is Section 80CCD(1B) applicable to investments made by a spouse in the Atal Pension Yojna (APY)?

    Q. What distinguishes the NPS exemption from income tax under section 80CCD(1B) from the NPS exemption under section 80C?

    Q. Do 80CCC and 80CCD fall under 80C or are they separate tax incentives for investments? Are they above the 80C limit of Rs. 1,50,000?

    Q. Can I deduct my SIPs from my taxes under Section 80C?

    Q. Does investment made through NPS fall under section 80 C?

    Q. Does the Provident Fund qualify for a tax exemption under section 80C?

    Q. Does the tax deduction under Section 80 C apply to recurring deposits?

    Q. Is it necessary to verify the original return in order to file a revised return?

    Q. Being a non-resident, Without a mobile phone number in India, how can I register on the e-filing portal?

    Q. When is an obligation to non-residents to submit a tax return of income required?

    Q. Can the Aadhaar number be used as a PAN Number login procedure for incometax.gov.in?

    Q. What formula is used to determine long-term capital gains?

    Q. If a partner in a partnership firm retires, are there any special provisions for loss carryover in that case?

    Q. Can a loss be carried forward by a reconstituted corporation in the event of a business constitution change?

    Q. What are the rules outlined in the Income Tax Law regarding the set off of unabsorbed depreciation, unused capital expenditures for scientific research, and unused capital expenditures to encourage family planning among employees?

    Q. What guidelines have been established by the Income Tax Law regarding the carry forward and offset of capital losses?

    Q. What provisions of the Income Tax Law are made regarding the carry forward and offset of losses on house property?

    Q. What sections of the Income Tax Act govern the carry forward and offset of losses from the speculative business?

    Q. Can the taxpayer carry forward the partially adjusted loss for adjustment in the following year if the income of the year in which the loss is incurred is insufficient?

    Q. What limitations must be taken into consideration when adjusting a loss across sources?

    Q. What does the term "inter-source adjustment" mean?

    Q. Can a loss from an exempt source be offset by any other taxable income if the source's revenue is exempt?

    Q. What exactly is Form 12BB?

    Q. What is the House Rent Allowance's (HRA) taxability?

    Q. What tax treatment does an employer's ex-gratia have?

    Q. Is the cashing of a leave of absence taxable as salary?

    Q. If I receive my pension from a bank, who the bank or my previous employer will send me a Form-16 or pension statement?

    Q. My Company reimburses me for all of my shopping and childcare costs. Are these going to count as my income?

    Q. What are allowances?

    Q. What is meant by salary income?

    Q. What is TDS certificate?

    Q. What is the late filing fee for TDS return?

    Q. How is interest calculated on late payment of TDS?

    Q. What are the due dates for filing of TDS return?

    Q. When TDS is to be deposited?

    Q. When TDS is to be deducted?

    Q. What is TAN?

    Q. What is TAN?

    Q. How can one Revise Income Tax Return?

    Q. How to E-Verify Income tax Return?

    Q. Which ITR Form to fill?

    Q. What is a deferred tax liability?

    Q. What is a deferred tax asset?

    Q. What do you mean by Capital Gain?

    Q. How to decide the residential status of profits or income taxpayers?

    Q. What is Tax evasion ,Tax avoidance and Tax planning ?

    Q. What is Gross Total Income?

    Q. What is exempt income and taxable income?

    Q. What is tax on regular assessment and how is it paid?

    Q. Who is not liable to pay advance tax?

    Q. When Liability for payment of advance tax arises and how it’s calculated and paid?

    Q. How does the government collect Income tax?

    Q. Who is liable to pay income tax?

    Q. What is the period for which a person’s income is taken into account for the purpose of income tax?

    Q. What is direct tax and indirect tax?

    Q. How is the Income-tax calculated?

    Q. What is Income tax?