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 […]
Category: LLB 6th Sem IT Law [Short Answers]
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 […]
13. Agricultural Income
Agricultural Income refers to the revenue earned from agricultural activities like farming, harvesting, and renting agricultural land. Under Indian tax laws, agricultural income is exempt […]
12. Tax deducted at souree /TDS
Tax Deducted at Source (TDS) is a mechanism under Indian tax laws where tax is collected at the very point of income generation. It ensures […]
11. PAN
PAN, or Permanent Account Number, is a 10-character alphanumeric identifier issued by the Income Tax Department of India to individuals, companies, and other entities. It […]