How to determine Residential Status for Income Tax purpose

Residential Status of a taxpayer is very much important for income tax purpose. Before the computation of the tax liability of a taxpayer, his/her residential status must be decided for that financial year. A person may have different residential status in a different year. Again, such person may have different residential status in different countries … Read moreHow to determine Residential Status for Income Tax purpose

Importance of Interest Income for Income Tax Computation

When we are talking about the computation of income tax our main discussion is about income from salary or profit from the business. And there is no surprise for that. These two heads are the main source of generating income for maximum people. According to the Income Tax Act, there are 5 heads of income … Read moreImportance of Interest Income for Income Tax Computation

Maintenance of Books of Accounts under section 44AA

Maintenance of books of accounts is an important work for a successful business. Proper books of accounts can give you all the detailed records. You can find out any information about cash-in-hand, stock, dues from parties etc. In most of the cases, my clients ask me about the procedure of maintenance. They are confused about … Read moreMaintenance of Books of Accounts under section 44AA

Deduction u/s 80D – How can Medical Insurance Save your Income Tax

Health insurance and income tax deduction are very much interconnected. You can get a deduction under section 80D in case you have a health insurance policy. But it is not the only reason for health insurance. Health is wealth. This is a very common and well-known sentence. But very few people can maintain the main … Read moreDeduction u/s 80D – How can Medical Insurance Save your Income Tax