Tag Archives: Taxation
Assessment of income from House Property
Every money receipt by a person is not chargeable to tax. Section 14 of the Act specifies five heads of income on which tax can be imposed under the Income… Read more
Highest Income Tax Rate Countries – Top 10 List
In this world, nothing can be said to be certain – except death and taxes. —> Benjamin Franklin This sardonic proverb is well known and appreciated all over the world, especially… Read more
Wealth Tax Basics
Wealth tax is a direct tax (that is, the tax is paid by the person on who it is levied), just like Income Tax. In India, wealth tax is managed and regulated… Read more
Income Tax on Capital Gains
The Income Tax Act specifies that gains/profits that result from the transfer of capital assets are liable to be taxed as income. To understand the concept of tax on capital… Read more
Income Tax Allowances for Salaried Employees
Allowance is defined as a fixed quantity of money or other substance given regularly in addition to salary for meeting specific requirements of the employees. As a general rule, all… Read more
Income Tax Calculation for FY 2009-10
Income Tax Calculation To calculate the tax to paid for a Financial year, the steps included are : 1) Add all the incomes from different sources to find the Total… Read more
Income Tax filing – Quick overview of deductions
Under Income tax Act, the total income of any individual Indian resident is subject to tax. To calculate the taxable income,the steps are as follows : 1) Determine the Total… Read more
India income tax slabs – explained
As the financial year 2009-10 is approaching its end, we are loaded with the pressure of investments and reduce the Income tax liability. Income tax in India comprises of all… Read more
