Venkkatesh K Uncategorized direct-tax, income-tax, India, Taxation 0
Hindu Undivided Famaly (HUF) has been treated as a separate entity for the purpose of Assessment as per the provisions of the Income Tax Act, 1961. HUF is not defined in the Act but it is included in the definition of the term Person under Section 2(31). But the expression defined in the Hindu Law […]
Venkkatesh K Uncategorized direct-tax, income-tax, India, Taxation 0
The term Individual means a natural person either he is male or female. And even a minor or an unsound minded person is also considered as Individual. In such a case the Assessment has to be made as per the Section 161(1) of Income Tax Act, 1961 on the Guardian or Manager of the Minor […]
Venkkatesh K Uncategorized direct-tax, income-tax, India, Taxation 0
In the definition of the Assessee the term Person is highlighted and that is closely connected with the latter. As well the term is also very important in charging of Income Tax point of view in respect of every person. And this term is defined in Section 2(31) of Income Tax Act, 1961. The list […]
Venkkatesh K Uncategorized direct-tax, income-tax, India, Taxation 0
This term is defined in Section 2(8) of Income Tax Act, 1961. This is nothing but a procedure by which the Income of an Assessee is determined by the Assessing Officer. It may be of Normal Assessment or Reassessment of an Income previously assessed.
Venkkatesh K Uncategorized direct-tax, income-tax, India, Taxation 0
This term is widely used in the provisions of Income Tax Act, 1961 and defined in Section 2(7). The Act defined this term as a Person who has to pay or payable Tax or any other sum of money under this Act. It includes every person whose proceedings are taken for the assessment of his […]
Venkkatesh K Uncategorized direct-tax, income-tax, India, Taxation 0
Section 2 of Income Tax Act, 1961 having the broad meaning of the various key terms and expressions used therein. In order to understand the provisions contained in the Act one must have through knowledge of the terms used in the provisions therein like Income, Assessee, etc., Apart that there are some specific commonly understood […]
Venkkatesh K Uncategorized direct-tax, income-tax, India, Taxation 1
After the Assessee has computed his/her Total Income and Tax Liability he has to submit the Return of Income to the Central Board of Direct Taxes. This Return of Income is nothing but a self declaration of Income earned by the assessee and tax liability during the period in a prescribed format provided by the […]
Venkkatesh K Uncategorized direct-tax, income-tax, India, Taxation 0
Income Tax Act, 1961 has formulated certain provisions for the computation of Total Income of the assessee to levy Income Tax. And there is a specific procedure to be followed for the computation of the Total Income. And the procedure starts from knowing the Residuary Status of the assessee to the deduction of Advance Tax […]
Venkkatesh K Uncategorized direct-tax, income-tax, Taxation 0
Income Tax is collected based on the Income earned by the assessees and it is mandatory to know the definition of the Income as per provisions of Income Tax Act, 1961. The definition for the Income starts with “Income includes” In the Act. In the Act the definition does not confines the scope of the […]
Venkkatesh K Uncategorized direct-tax, income-tax, Taxation 0
In India Income Tax is the most prominent, and significant Direct Tax collected by the Central Government. Income Tax is levied on Total Income of the previous year of Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP), Body of Individuals (BOI), Firms, Companies etc., annually at once. And there are different Slab Rates are […]