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DIRECT TAXES - 2021-22


Appeals & Revision [Section 246 to 264] under Income Tax Act.
Appeals & Revision
[Section 246 to 264]

Appeals refers to an act of referring the Case/ Matter/ Situation to a Higher Authority against the Assessment Order/ any other Order Passed by a Lower Authority in respect of that Case or Matter. Such prescribed authorities constitute 'appellate machinery' or 'appellate authorities'. ...

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Income Tax Basic with Income Tax Law and Act.
Income Tax Basic

An understanding of the Income-Tax Law and Act. requires a study as discussed in details....

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Assessment under Income Tax
Assessment under Income Tax

The process of examining the return of income by the Income- Tax department is called as "Assessment". Assessment also includes re-assessment and best judgment assessment under section 144.

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Income under the head 'Business or Professions'
Income under the head 'Business or Professions'

"Profit and gains of business or profession" is one of the heads of income under the Income Tax Act. For the purpose of ascertaining the tax liability of a taxpayer, the Income Tax Act divides the taxable income of an assessee into five categories or heads of income.

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Carry Forward and/or Set Off of Losses
Carry Forward and/or Set Off of Losses

Set off means setting off the loss in the same Assessment Year in which it is incurred. Carry forward and Set off means carrying forward the losses and setting them off in the future Assessment Years.

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Deduction in Compuring Total Income
Deduction in Compuring Total Income

Deductions to be made in Computing Total Income [Sections 80A to 80U (​Chapter VIA)]. The aggregate of income computed under each head, after giving effect to ...

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Income under the head 'Capital Gains'
Income under the head 'Capital Gains'

Capital gain can be defined as any profit that is received through the sale of a capital asset. The profit that is received falls under the income category. Therefore, a tax needs to be paid on the income that is received. The tax that is paid is called capital gains tax and it can either be long term or short term.

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House Property Income
House Property Income

The Income Tax Act governs the laws relating to income from house property u/s 22 to 27. It is one of the taxable heads of income. Any income earned by the ...

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Income under the head 'Other Sources'
Income under the head 'Other Sources'

Income from other sources, which is the last among the five heads of income sketched out in the Income Tax Act, is essentially a head of income that includes all receipts that cannot otherwise be classified under any of the other heads of income.

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Income under the head 'Salaries'
Income under the head 'Salaries'

Calculate Taxable Income on Salary; New income tax slabs for individuals for FY 2020-21 ... Each income derived by an individual must fall under one of the ... All the eligible deductions, allowance and reliefs are calculated on each heads.

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Penalties and Prosecutions under Income Tax Act.
Penalties and Prosecutions under Income Tax Act.

What are the various appellate authorities under the Income Tax Act what is prosecution and various penalties for violation of the provisions of Income Tax Act and write about Income Tax Settlement Commission?

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Return of Income and Procedure of Assessment [Section 139 to 154]
Return of Income and Procedure of Assessment [Section 139 to 154]

Once the return of income is filed up by the taxpayer, the next step is the processing of the return of income by the Income Tax Department which is called "Assessment".

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Deduction and Collection of Tax at Source ( TDS & TCS)
Deduction and Collection of Tax at Source ( TDS & TCS)

TDS is the tax which is deducted on a payment made by a company to an individual, in case the amount exceeds a certain limit. TCS is the tax which is collected by sellers while selling something to buyers.

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'Residential Status' under Income Tax
'Residential Status' under Income Tax

The term residential status has been coined under the income tax laws of India and must not be confused with an individual's citizenship in India. An individual may be a citizen of India but may end up being a non-resident for a particular year.

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Clubbing of Income & its Tax Treatement
Clubbing of Income & its Tax Treatement

Income of other Persons included in Assessee's Total Income

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Advance Payment of Tax
Advance Payment of Tax

As the name suggests, advance tax refers to paying a part of your taxes before the end of the financial year. Also called 'pay-as-you-earn' scheme, advance tax is the income tax payable if your tax liability is more than Rs 10,000 in a financial year. It should be paid in the year in which the income is received.

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