Meaning & Definition

tax evasion

Tax Evasion

What is Tax Evasion? Any action intended to conceal, understate, or fraudulently disclose income to lower your income tax liability is considered tax evasion. Tax evasion includes failure in paying taxes on time or paying less than the actual tax...

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Agricultural Income

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,...

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Dearness Allowance

Being a salaried employee you must have heard about dearness allowance as part of your salary. Your salary comprises a basic fixed salary and a few allowances. The total of basic pay and allowances make up your take-home salary. It...

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Special Allowance

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...

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Transport Allowance for Salaried Individuals

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...

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TDS (Tax Deducted At Source)

What is TDS ? In the case of certain incomes, a tax is required to be deducted at source by the payer before making the payment. The rates have been specified under the income tax act under various categories. There...

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Residential Status

What is Residential Status? The residential status of a taxpayer is important because the income tax department provides for a different tax treatment for its taxpayers. Hence, it is imperative for every taxpayer to determine their residential status before doing...

income from house property

Taxes on Income From House Property

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,...