Meaning & Definition

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Direct Tax

What is Direct Tax? In India, taxes are levied by the Government through Direct & Indirect Taxes. Both are extremely important in the growth of the Indian economy. Direct taxes, in simple terms, is the tax that is levied directly...

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How To Calculate Deferred Tax Asset and Liability in Income Tax?

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 laws...

direct tax and indirect tax

Direct Tax and Indirect Tax in India

What is a Direct Tax? In India, taxes are levied by the Government through Direct & Indirect Taxes. Both are extremely important in the growth of the Indian economy. Direct taxes, in simple terms, is the tax that is levied...

income from house property

How to Calculate Tax on Income From House Property?

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, flat, office,...

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How to Compute Tax on Income From Other Sources in India?

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...

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tax information network

Tax Information Network – How to Apply for PAN with TIN?

What is a tax information network TIN? With the advancement of technology, the income tax department has been constantly working on leveraging the technology in order to provide smooth services to the taxpayers. Keeping this in mind, the department launched...

income tax

Income Tax India

The Income Tax Department has launched its new e-filing website on the 7th of June, 2021. This new portal will soon replace the existing portal www.incometaxindiaefiling.gov.in. The new portal is user-friendly and focuses on making the entire e-filing experience easy,...

income tax return

Which Income Tax Return Should I file? Applicability of ITR

News Update The Income Tax Department has launched its new e-filing website on the 7th of June, 2021. This new portal will soon replace the existing portal www.incometaxindiaefiling.gov.in. With the main focus on a user-friendly e-filing experience for the taxpayers,...