Before understanding the age criteria, it is very important to know that the tax benefits offered under the Income-tax Law to a senior citizen/very...
Showing posts with label Income Tax. Show all posts
Showing posts with label Income Tax. Show all posts
Who is a senior citizen under Income tax law?
Before understanding the age criteria, it is very important to know that the tax benefits offered under the Income-tax Law to a senior citizen/very...
What are the benefits available to a senior citizen and very senior citizen 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...
How to pay Incometax,TDS,TCS online?
Step-1
To pay taxes online, login to http://www.tin-nsdl.com > Services > e-payment : Pay Taxes Online or click here on the tab "e-pay...
Where should the books of account of business be kept for income tax and how long ?
All the books of account and related documents should be kept at the main place of business, i.e., where the business or profession is generally...
What books of accounts have been prescribed to be maintained by a person carrying on business/profession under the income tax act?
The Income-tax Act does not prescribe any specific books of account for a person engaged in business or in non-specified profession. However, such...
What does profession mean as per Income tax ?
Profession means exploitation of one’s skills and knowledge independently. Profession includes vocation. Some examples are legal, medical, engineering,...
If my income taxed in India as well as abroad,Can I claim any sort of relief on account of double taxation ?
Yes, you can claim relief in respect of income which is charged to tax both in India as well as abroad. Relief is either granted as per the provisions...
If I win a lottery or prize money in competition ,am I required to pay Income tax on it ?
Yes, such winnings are liable to flat rate of tax at 30% without any basic exemption limit. In such a case the payer of prize money will generally deduct...
As an agriculturist am I required to maintain any proof of earnings and expenditure incurred ?
Even if you have only agricultural income, you are advised to maintain some proof of your agricultural earnings/expense...
Do I need to maintain any records or proof of earnings for Income tax purposes ?
For every source of income you have to maintain proof of earning and the records specified under the Income-tax Act. In case no such records are prescribed,...
I am an agriculturist is my income taxable?
Agricultural income is not taxable. However, if you have non-agricultural income too, then while calculating tax on non-agricultural income, your...
Are all receipts ,capital receipts and revenue receipts charged to tax ?
The general rule under the Income-tax Law is that all revenue receipts are taxable, unless they are specifically granted exemption from tax and all...
What is revenue receipt and capital receipt ?
Receipts can be classified into two kinds: A) Revenue receipt, B) Capital receipt.
Revenue receipts are recurring in nature like salary, profit from...
What is exempt Income and taxable income under income tax law?
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...
Income tax is levied on Income of every person ,As per Income tax law what constitute income ?
Under the Income-tax Law, the word income has a very broad and inclusive meaning. In case of a salaried person all that is received from an employer...
Who is an assessing officer as per income tax ?
He/She is an officer of the Income-tax Department who has been given jurisdiction over a particular geographical area in a city/town or over a class...
Is my responsibility under the Income tax act over once taxes are paid ?
No, you are thereafter responsible for ensuring that the tax credits are available in your tax credit statement and TDS/TCS certificates received by...
What should I do If my income tax payment particulars are not found against my name in the website?
The possible reasons for no credit being displayed in your Form 26AS can be:
Deductor/collector has not filed his TDS/TCS statement;
You have not...
How can know that the Goverment has received income tax deposited by me as taxes in the bank?
The NSDL website [http://www.tin-nsdl.com] provides online services called as Challan Status Enquiry. You can also check your tax credit by viewing...
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