Meaning & Definition

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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...

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,...

advance tax

What is an advance tax? Who should pay and when?

Budget 2023 Updates The amount of advance tax paid is reduced only once for computing the interest payable u/s 234B if the taxpayer files an updated ITR. Advance tax is paid on income that one earns during the year, usually...

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