Daily Archives: September 19, 2015

Computation of Taxable Income and Tax

By | September 19, 2015

Computation of Taxable Income and Tax under Income Tax Act 1961 [As amended by Finance Act, 2015] Reference: www.Incometaxindia.gov.in Under how many heads the income of a taxpayer is classified for computing Taxable Income?​ ​S​ection 14​ of the Income-tax Act has classified the income of a taxpayer under five different heads of income, viz.: Salaries Income from… Read More »

Income tax Questions and Answers

By | September 19, 2015

Income tax Act 1961 ​What is Income tax? It is a tax levied by the Government of India on the income of every person. The provisions governing the Income tax Law are given in the Income tax Act, 1961.​ ​What is the administrative framework of Income tax?   The revenue functions of the Government of… Read More »