Income Tax and Auditing

Bond-washing Transactions is a practice of selling a bond just before it pays a coupon payment and then buying it back once the coupon has been paid. ...

The tax on interest on securities is also to be deducted at source at the given tax rates. The gross amount of interest is taxed from the income tax point of ...

Interest on Securities: Under Income from other sources, securities will have the following meaning: Interest on any security of the Central or State ...

Vacancy Allowance: Any let out property remaining vacant for a part of the year is entitled to vacancy allowance. When it is vacant for some time of the year, ...

Annual value of house property definition is found Under section 23 (1a). The annual value is the amount which the property will earn if it is lent from year ...

The Three types of perquisites have been identified under the Indian Income Tax Act: Perquisites taxable for all categories of employees: They are: Rent free ...

Perquisites are the extra benefits that an employee is given when he occupies a certain post in a company in addition to the salaries. These may be in cash or ...

Exempted incomes are those incomes which are not added to the total income for the purpose of taxation. The incomes on which tax is not levied are known as ...

Incomes deemed to be received refers to the incomes which have not actually being received but are a part of the income of the assessee under the law. These ...

Agricultural income is defined as that income which is in the form of rent or any other form which is earned from a land situated in India and which is being ...

Difference between Casual Income and Gift. Casual income is defined as an income which is not an expected regular income and occurs suddenly as a windfall ...

Difference between Assessment Year and Previous Year are: ASSESSMENT YEAR. The definition of the assessment year is given in Section 2(9) of the Income Tax ...

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