What is bookkeeping and accounting? Bookkeeping: Bookkeeping is an activity which means recording of financial data relating to business operation in significant and orderly manner.It covers the procedural aspects of accounting work and embraces record keeping function. Further, bookkeeping procedures…
Intimation u/s 143(1) is a communication that the income tax department send to the taxpayer after processing the income tax return and informing them about result. Content 1.What is intimation u/s 143(1)? Section 143(1) requires processing of return of income…
What is accounting and its objectives? Accounting means system of classifying, summarizing and recording of financial and business transactions. Further, it is communication of financial and non-financial information. What is Accounting? According to American Institute of Certified Public Accountants- “Accounting…
What is Assessment Year ? Assessment year means period in which income earned during financial year is assessed and taxed. Assessment year begins when financial year ends.For example for financial year 2022-23 the assessment year is 2023-24. Further, A.Y. starts…
Applicability and due date of filing income tax return Every person who is earning income above the basic exemption limit is require to file income tax return on or before due date. Section 139(1) of income tax act deals with…
Income tax refund Meaning and how to claim refund? Income tax refund is a repayment made to taxpayer for any excess amount paid in taxes to income tax department. Refund can be expected if you have paid more than actually…
According to the section 115BAC of income tax act , it is an alternate option available to an individual or huf. This scheme is known as new tax regime. Further, similar to section 115BAA and 115BAB in the act giving…
Profession tax payment is direct tax deducted by employer from the salary and is levied by the State Govt. What is profession tax and its applicability?? Profession Tax payment is made by employer to the govt. It is deducted from…
Assessee Meaning : It means a person who pay tax as per the provisions of income tax act . And then, any person who is liable to pay tax to the govt. is called assessee under income tax act. In…
Capital gain is a profit earns by selling or transferring capital assets when selling price is more than purchase price. Profit earned from transfer of assets is treated as income from capital gain under income tax act. And this profit…