Meaning & Definition

dividend distribution tax (ddt)

Dividend Distribution Tax

What is Dividend Distribution Tax? A dividend is nothing but a distribution of a portion of a company’s earnings. A dividend distributions tax is nothing but a tax levied on the profits distributed by Indian Companies to its investors or...

professional tax

Professional Tax

What is professional tax? Professional tax is a tax that a state government levies on any individual who earns income through any medium. Unlike the name suggests, professional tax is not just for professionals but for all individuals. The list...

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Assessment Year

An assessment year is different from a financial year. However, many taxpayers assume that an assessment year is the same as a financial year. In reality an assessment year and a financial year both are different from each other. Due...

security transaction tax

Security Transaction Tax Meaning

Security Transaction Tax (STT) is a result of multiple tax evasions of capital gains tax. It was introduced to curb fraudulent transactions of tax evasion. The Government has announced STT in 2004 and was applicable from October 1st, 2004. Also,...

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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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deferred tax

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...

tax avoidance

Tax Avoidance

What is Tax Avoidance? Tax avoidance refers to the use of legal means to avoid paying tax. This is majorly dependent on the tax laws of a specific country and the various provisions of the taxation laws in that country....

standard deduction income tax

Standard Deduction

What is the Standard Deduction in Income Tax? The standard deduction is beneficial for both the employers and salaried employees. For the employers, it would result in less administrative efforts in the processing of transport and medical bills. For the...