What is Tax ??
Tax is a mandatory charges levied by govt. on an individual or organization in order to collect revenue. Govt collect from eligible person in order to develop nation and provide best services to the citizens. In order to run nation…
Category Income Tax
TDS on Rent
Section 194I of income tax act The rent received from renting out or subletting of property is subject to tax deduction at source i.e. TDS on rent. Further, provisions of section 194I of income tax act prescribes how one should…
What is TDS in income tax act
The TDS in income tax act is introduced with aim to collect tax from various sources of income. TDS in income tax is an amount deducted by deductor or employer from tax payer and is deposited to govt. on behalf…
Section 44AD of income tax act
Section 44AD of income tax act states that tax will be charge on the basis of presumptive income of business. Section 44AD is a special provisions for computing profits & gains of business on presumptive basis. What is Section 44AD…
TDS on Salary u/s 192
TDS on salary u/s 192 casts an obligation on employer to deduct TDS on salary payment, if salary of employees exceeds basic exemption limit. What is TDS on salary u/s 192? TDS on salary means tax has to be deducted…
Long Term Capital Gain Tax
Long term capital gain means sale/transfer of long term capital assets. This long term capital gain is charge as tax under the head ” Capital Gain” of income tax. Moreover, Capital Gain Tax is charge whenever an taxpayer earns a…
Section 43B of income tax act
Section 43B of income tax act provides certain expenses are allowed on actual payment basis. It means expenses are not allowed on due basis but allowed when actual payment is made. What is section 43B?? Section 43B deals with specified…
Income from Business & Profession
Profit/Gain from business and profession carried on by the assesses at any time during the previous year. In other words, Income from Business & Profession means profits and gains earned by doing business or profession during the year. Now we…
Short term capital gain tax
Before learning short term capital gain tax first we have to learn short term capital asset. What is Short Term capital Asset ?? As per section section 2(42A) short term capital asset is a capital asset held by an assesses…
Challan 280 of income tax act 1961
Challan 280 of income tax act 1961 is a form that is to be fill in order to pay tax to Govt authorities. What is the meaning of challan in generic sense? The word challan utilizes in various senses which…