What is Tax Deduction at source (TDS) In order to collect quick and frequent collection of tax government has introduced a system of collection tax from the payment made by payer to the payee. Under this system TDS rate is specified and the payer is liable to deduct the TDS at the rate specified under …
Income tax return is a declaration of income by a person who is earning more than the amount of income which is not chargeable to tax. Currently there is no income tax up to the amount of INR 2.5 lakh. However, filing of income tax return is a voluntary decision of a person earning below …
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What is definition of term ‘Salary’ under the income tax act 1961? Section 17 income tax act defines term ‘Salary’, however in general term salary is defined as whatever amount received by employee from employer whether in cash or kind or as Facilities (Perquisites) is considered as Salary. In order to determine the correct Income …
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Income tax return is a form in which taxpayer must file information in relation to income earned during the previous year. Till the date income tax department has specified 7 forms for different category of taxpayers. Taxpayer has 2 options to file ITR. Taxpayer can either choose online method or file using the ‘Common Offline …
As per the income tax act 1961, every person being a person other than company and firm should file their income tax return if total income during the previous year exceeded the amount which is not chargeable to income tax. The income tax return should be filed on of before the due date. Due date …
