Difference between Assessment Year and Previous Year.

Ok, you are very curious to know the difference between “Assessment Year” and “Previous Year”. And why not. If you are a taxpayer or a student then you are familiar with these terms. However, in order to proper Income tax Return, you must have proper idea about the difference between these two important terms. Let’s … Read moreDifference between Assessment Year and Previous Year.

Definition of Person u/s 2(31) of Income Tax Act 1961

Definition of Person under the Income Tax Act

So, you want to know the meaning and definition of “Person” u/s 2(31) of the Income Tax Act 1961? You are in the right place. Here you will get every information about the term “Person” u/s 2(31). So, let’s start our discussion. Definition of Person u/s 2(31) of the Income Tax Act 1961 The term … Read moreDefinition of Person u/s 2(31) of Income Tax Act 1961

How to register and log in on the income tax e-filing website

It is very important to know how to register and log in on the Income tax e-filing website. Why? Otherwise, you can’t file your returns online. And it is the very first steps in your total income tax journey. You have already earned your income, TDS has deducted already and now you want to file … Read moreHow to register and log in on the income tax e-filing website

How to understand Clubbing of Income provisions under the Income Tax Act

In general, you are liable to pay tax in respect of your own income. However, sometimes it may not happen. In some specific cases, the income of other persons may be added with your income. Your income tax liability will be calculated on the basis of such total income. It is known as “Clubbing of … Read moreHow to understand Clubbing of Income provisions under the Income Tax Act