Category: Income Tax

Presumptive Taxation Section- 44AD, 44ADA,44AE According to provision of Income Tax Act,1961 there  is special provision for computing profits and gains of business  on presumptive basis. The  Cental Government of India give some relief to Read More

  Deduction 80D A Y 2021-22 Recent days people face many health problem and hospital also rise bills in rupee lakhs So Government promote health safety to society introduce deduction in Income Tax Act, 1961 Read More

Minimum Alternate Tax( MAT) Section 115JB Income Tax Act,1961 According to Income Tax Act, 1961 Income Tax is liable on income earned during the relevant previous. But some companies was showing huge profit  according companies Read More

    What is marginal relief ? According to the Income-tax Act, 1961, a marginal relief is given to assesse whose taxable income is beyond the threshold limit after which surcharge is payable, but the net income Read More

How pay zero tax on Rs. 10,00,000 annual income from salary. According the provision of Income Tax Act 1961 every assessee need to pay Income Tax on his total income earned during previous financial year Read More

Deduction 80 C AY 2020-21 According to the Income Tax Act 1961 Section 80C   is most popular section  claim 80%   by the assessee. Deduction is allowed only from the total income computed as per the Read More

Rates of income tax for assessment year 2021-22 According to Income Tax Act 1961 an assesse total income taxed as per relevant assessment year income tax rates. According to Finance Act 2020 now there will Read More

What is Assessment Year ? According to Income Tax Act 1961 assessment year is a year  following the financial year in which assessee income is assessed. Example Financial Year              Read More

What is Financial Year ? Financial year start from 1st April of every year and end with 31st March of  next year. Example 01/04/18 to 31/03/2019 01/04/2019 to 31/03/2020 01/04/2020 to 31/03/2021