Wednesday, 18 April 2012

Income Tax Return [ITR] Forms

Income Tax Return [ITR] Forms

Income tax returns are filed with applicable ITR form. The ITR form may vary from one assessee to another, depending upon the nature and sources of income are identified. As the assessees' are categorised into two, Individuals & H.U.F's Businesses  they have different ITR forms as applicable, as...

Sunday, 15 April 2012

Auditable Books of Records - If Applicable, as Necessary

Auditable Books of Records - If Applicable, as Necessary

A specified books of records may have to be maintained for certain sources of income in order to comply with the Income Tax Act. However it may not be applicable to every assessee, and would be applicable only if they fall under those sources of Income or exceed...

Wednesday, 11 April 2012

Computation [Calculation] of Income Tax

Computation [Calculation] of Income Tax

Computation [calculation] of Income tax is based on the net total income of the tax assessee. The computation has a varied gradient which can be very simple, and can get complicated depending on the type of Incomes received and other specified factors. Salient features for computing the Income...

Monday, 2 April 2012

Know Your 'PAN'

Know Your 'PAN'

Permanent Account Number or simply PAN  is a ten-digit alphanumeric number, issued in the form of a printed plastic [earlier days, it was paper printed & laminated] card, by the Income Tax Department [Government of India], to any “Indian-national applicant” who applies for it or in some cases...

Sunday, 1 April 2012

Income Tax - India

Income Tax - India

Income Tax is the levy (tax) imposed by Income Tax Department, Government of India as direct tax on individuals or entities (taxpayers), who earn income in India and the rate of Income Tax varies with the income or profits (taxable income) of the taxpayer. The Central Government of India has been...
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