Income Tax and Auditing

Deduction u/s 80-0 for Medical Insurance Premium : The deduction is allowed in respect of any sum paid in the previous year to General insurance ...

Expenses not deductible under business Profession : The following under the head profits and Gains from Business and profession— Excessive and ...

Applicability of the Payment of Gratuity Act, 1972 The Act applies to Every factory, mine, oil field, plantation, port and railway company; Every shop or ...

Gross Total Income : Gross Total Income means total income as computed in accordance with the provisions of this Act, before making any deduction under Chapter ...

Person : Person includes the following— An individual (i.e. a human being). It includes a minor or a person of unsound mind. A Hindu Undivided Family (as ...

Short-term Capital Asset : It is an asset held by the assessee for not more than 36 months, immediately prior to the date of transfer. In other words, ...

As a general rule, the income earned in the previous year is taxed only in the assessment year but in the following cases, the income earned is taxed in the ...

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