Business
Annual Value
The annual value of the house refers to the gross rental income from the house property in particular income year. It is the amount for…
Tax
Business
What are the Tax-free incomes of a company?
A tax-free income remains in the total income. It increases the total taxable income and tax rate of the assessee. This type of income increases…
Business
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…
Business
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…
Business
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…
Business
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…
Business
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…
Business
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;…
Business
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…
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