Knowledge Base @ Tax Management


Accounting Year And Assessment Year

Generally speaking, accounting year means the financial year or the previous year of the assessee which is of 12 months.


Earlier, an assessee was permitted to keep any 12-month period of his choice as his accounting year, e.g.,
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Key Income Tax Officials

For discharging various duties under the provisions of the income tax law, the government has appointed different categories of income tax officials. Each official is assigned separate work and has separate powers available with it.

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Legal Provisions Which Govern The Payment Of Tax

It is a very well-known fact that a person deriving income from various sources is required to make payment of income tax. The legal legislation under which this income tax is payable is known as Income Tax Act, 1961.

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Income Tax Permanent Account Number-PAN

Every person who files an income tax return is required to obtain a number from the Income Tax Department known as “Permanent Account Number” or, in short, PAN. However, a person who files his/her return for the first time would obviously not have a PAN.

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Expenditure In Relation To Exempted Income will NOT be Allowed as Deduction U/s14A

It is specifically provided in Section 14A of the Income Tax Act, 1961, that any expenditure incurred by a person in relation to income which is not inducible in the total income will not be allowed as a deduction

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Income Of Individuals And HUFs – As a Tax Payers Under Income Tax Act, 1961.

The individual tax payers and also the HUFs while proceeding to calculate the net taxable income in the first phase are required to arrive at the gross total income under different heads of income.

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Prerequisites For Computing Taxable Income

It is a well known fact that income tax would be payable on the net taxable income (or total income) of the tax payer. Thus, the final figure of net taxable income will have to be arrived at on which income tax would be payable by the individual or the firm or the corporate tax payer.

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Agricultural Income Aggregated For Rate Purposes Only

It is a very well known fact that the agricultural income is not liable to be taxed. This agricultural income is not to be shown in the gross total income of the assessee because if we have a look at the different heads of the income prescribed under the Income Tax Law

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Different Modes Of Tax Payment

Under the Act, the following are the three main modes of collecting taxes:

(1)      Payment by deduction of tax at source;

(II)     Direct payment of tax:

(a)      Advance payment of tax,
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Types Of Income Subject To TDS [Deduction Of Tax At Source]

The following types of incomes are mainly subject to deduction of tax at source:

(a)      Salaries Section 192.

(b)      Interest on securities Section 193.
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