What is an Income Tax Refund? An income tax refund arises when the tax paid by the taxpayer is higher than the tax liability at the time of filing the income tax return. The tax paid by the taxpayer can...

Income tax is a tax levied by the government of India on the income of every person. Once a person is liable for income tax payment to the government, a question arises as to how this tax payment can be...

The Income Tax Act levies income tax on every type of individual taxpayer being a regular taxpayer or a senior and super senior citizen. However, it also provides many benefits to senior citizens of our country. The intent is to...

How To Determine NRI Status for an Individual? The income tax for NRI depends on their residential status and accrual of income from India. By definition, an NRI is a person of Indian origin or a citizen who does not...

What is the Meaning of Income From Business and Profession? As per section 2(13) of the Income Tax Act, a business includes any trade, commerce or manufacture or any adventure or concern like trade, commerce or manufacture. The term profession...

For a salaried employee, the income from salary and its tax treatment is of utmost importance. This is because a mere misplanning can lead to either a higher deduction of TDS or higher tax liability. For this purpose, you must...

Income from other sources is one of the heads for the classification of income as per the income tax. It can be considered as a residuary head of income that covers all the incomes which are outside the scope of...

What is Income from House Property Under Section 24? House property for the purpose of income tax is any property whether land or building which an assessee owns during the financial year. The house property could be a house, building,...