Taxation plays a vital role in shaping the economic structure of a nation. In India, the power to levy taxes is not arbitrary—it is constitutionally […]
Author: Sunny Shettipalli
4. What are the objectives and salient features of Income Tax Act 1961
The Income Tax Act, 1961, is one of the most vital legislations in India. It governs the rules and regulations for levy, collection, and administration […]
1. Explain the method of calculation of gratuity and its treatment on retirement for Government and non Government employees under Income Tax Act.
Gratuity is one of the most valued retirement benefits offered to employees in India. It serves as a monetary expression of gratitude from the employer […]
20. Previous year
In the context of Indian taxation, the term ‘Previous Year’ holds critical importance. It refers to the financial year in which a taxpayer earns income […]
19. Assessment
In the realm of Indian income tax, assessment is the process by which the Income Tax Department evaluates the total income of a taxpayer and […]
18. Belated Returns
A belated return is a return of income filed after the due date prescribed under the Income Tax Act, 1961. Taxpayers are expected to file […]
17. De Novo Assessment on remand
De Novo Assessment on remand refers to a situation where a higher tax authority, tribunal, or court sets aside an earlier assessment and directs the […]
16. Foreign National Under Income Tax Act
A foreign national under the Indian Income Tax Act refers to an individual who is not a citizen of India but may still be liable […]
15. Assessment Year
In Indian tax laws, the Assessment Year (AY) is the 12-month period starting from April 1 to March 31 of the following year in which […]
14. Income Liable to Tax
In India, income liable to tax refers to all income earned by a person that falls under the scope of taxation as defined by the […]