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...