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.
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.
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.
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
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.
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
All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.
The visitors may click here to visit the web site of Income Tax Department for resolving their doubts or for clarifications