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…
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…
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 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…
What is salary income Calculation of Income from salary under new tax regime ?? Calculation of Income from salary under new tax regime fy 2022-23 , first we have to learn the meaning of salary . What is salary ??…
Income tax slab rate -old & new tax regime F.Y. 2022-23 , will tells you which regime is best for the filing income tax return. Further, the income tax slab rate in new tax regime f.y. 2022-23 provides lower tax…
Individual can claim rebate u/s 87A of income tax for calculating his/her income tax liability. What is rebate?? Rebate means sum of money that given back to you because you paid too much. For instance you purchased computer of Rs.…
On 1st, February 2023 finance minister Mrs. Nirmala Sitharaman has announced new tax regime for FY 2023-24 and 2022-23. In which she has made changes in tax rates applicable to individuals for computing tax. Here we’ll explain the income tax…