Knowledge Base @ Tax Management |
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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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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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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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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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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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