Agriculture income: Agricultural income refers to income earned or revenue derived from sources that include farming land, buildings on or identified with an agricultural land and commercial produce from a horticultural land. Income Tax
Clubbing & Aggregation of Income: Clubbing of income means income of other person included in assesses total income. This means that a person cannot divert his income to any other person.
Deduction u/s 80C TO 80U: Individuals can claim tax deduction benefits for payments made towards life insurance policies, fixed deposits, superannuation/provident funds, tuition fees, and construction/purchase of residential properties under Section 80C of the Income Tax Act.
Definition & concept of income tax: The term income tax refers to a type of tax that governments impose on income generated by businesses and individuals within their jurisdiction.
E-Return & Revised Return: You can e-file the Revised tax return online if you have filed the original return online. Just log in to the e-filing portal and follow the steps one by one.
Head Of Income: Any kind of income that you obtain from trade, manufacture, commerce, or profession is chargeable under the business income head. Your expenses will be deducted from your revenues to calculate your profits, and the income tax will then be applicable under this head.
Income Tax Authority, Penalty & power: Section 271DA provides for levy of penalty on a person who receives a sum in contravention of the provisions of section 269ST. The penalty shall be equal to the amount of such receipt. However, the penalty shall not be levied if the person proves that there were good and sufficient reasons for such contravention.
Income Tax Rates: The tax rate is the percentage of an income or an amount of money that has to be paid as tax. These officials prefer lower tax rates on capital gains. The budget may bring down the corporate tax rate from 35 percent to 30 percent, the peak rate of individual tax.
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