Zero Coupon Bond
A zero coupon bond (also called a discount bond or deep discount bond) is a bond bought at a price lower than its face value,…
Business
State the importance of determining Income year and Assessment year
The Income year is the time between 1 April and 31 March in which you earn an income. Assessment year is the following year in…
Exception to the Assessment Year
An exception to the Assessment Year Generally, income is taxed in the subsequent year to the income year. But, in certain cases, to protect the…
Allowable deductions under the House Property and Agriculture Income
Allowable deductions under the head house property and agriculture income: Income tax is a typical example of a direct tax. The tax imposed on a…
Charge of Surcharge
Charge of Surcharge The Government through parliament may also charge a surcharge on income in addition to income tax. A business can apply the payment…
Classifications of Income for the Purpose of Income Tax
Classifications of Income for the Purpose of Income Tax Income tax is a typical example of a direct tax. The tax imposed on a person…
Casual and Non-recurring Income
Casual and Non-recurring Income The word ‘Casual’ means ‘subject to or produced by chance, accident, fortuitous, coming at uncertain times; not to be calculated on;…
Charge of Income Tax
The charge of Income Tax: Income tax is a direct tax which is charged upon a person in respect of his taxable income. The Income…
Power and Functions of Deputy Commissioner of Taxes
Power and Functions of Deputy Commissioner of Taxes Deputy Commissioner of Taxes (DCT) performs both administrative and judicial function in rendering services. He is appointed…
Scope of Total Income
The scope of Total Income: Thus, the scope of income depends upon the residential status as well as the place and year of accrual. To…
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