Income Tax | GST | Accounting
Income Tax | GST | Accounting
Here you will find all the FAQs related to the Annual Information Statement (AIS). The Annual Information Statement (AIS) includes information presently available with Income Tax Department. There may be other transactions relating to the taxpayer which are not presently displayed in Annual Information Statement (AIS). Taxpayer is expected to check all related information and […]
FAQs on provisions useful for non-residents 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 of […]
FAQs on Taxation of Capital Gains What incomes are charged to tax under the head “Capital Gains”? Any profit or gain arising from transfer of a capital asset during the year is charged to tax under the head “Capital Gains”. What is the meaning of capital asset? Capital asset is defined to include: a) Any […]
FAQs on the Computation of Income Tax When do I have to pay the taxes on my income? The taxes on income can be finalized only on the completion of the previous year. However, to enable a regular flow of funds and for easing the process of collection of taxes, Income-tax Act has provisions for […]
Income Tax – FAQs for Senior Citizens What are the Benefits Available to Senior Citizens in respect of Tax Rates? Senior citizens and a very senior citizen are granted a higher exemption limit as compared to normal tax payers. Exemption limit is the quantum of income up to which a person is not liable to […]
