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…
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…
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…
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 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 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 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…