Agricultural income in India is a major source of the rural population. Moreover, agricultural income is the primary source of income in India. To promote agriculture, the Central Government of India has taken many measures and launched schemes, loan concessions,...

Many times we come across allowances such as transport, conveyance, uniform allowance, etc. These are special allowances that an employer offers to its employees regularly. These allowances have specific requirements and conditions for taxability. In this article we have covered...

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 Self Assessment Tax? It is a well-known fact that every person has to pay tax on their income. There are various ways in which tax is collected by the government by way of advance tax, tax deducted at...

Before moving to understand the concept of deferred tax liability, below are a few key points that need to be considered: Companies generally prepare two important financial reports for every year, being tax statements and income statements. Considering the tax...

What is TCS Tax? TCS is the tax that is collected by the seller from the buyer. The goods are specified under section 206C of the Income Tax Act, 1961.  Let us take an example- Mr. Arun buys 10 kgs...

While going through your pay slip or offer letter you must notice the allocation of transport allowance. Like other allowances, transport allowance is also a part of your CTC and fixed pay. In recent years, the taxability and tax exemption...

Cess on income tax is a type of additional tax or levy that the Government of India (GoI) collects to raise funds for a particular purpose. These specific purposes are government welfare schemes, programs or projects. However, not all such...