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...