Introduction

Sources of Income under Income Tax Act 1961

The Income Tax Act 1961 recognizes five main sources of income for tax purposes. These sources are income from salary, income f…

What is Debtor? (Role & Type of Debtor)

A debtor is a person or entity that owes money to another person or entity, known as a creditor. In financial accounting, the co…

An Introduction to Goods and Services Tax in India

GST is a tax system in India that seeks to simplify and harmonize the current indirect taxation system. It has replaced severa…

What are Debit and Credit ?

When recording transactions in the accounting records, the accountant and bookkeeper use the terms debit and credit. The amount …

The Golden Rules of Accounting

What are the Golden Rules Of Accounting?  Financial Accounting is not just bookkeeping. In accounting, transactions are recorded…

Component of Income Tax

Table of content 1) Income Tax Act 1961 2) Annual Finance Act 3) Income Tax Rules 4) Circular and Notif…

Introduction to Income Tax Act 1961

In India, Income tax is a tax you pay to the government based on your income. The government uses this tax money for vario…

Concept of Hindu Undivided Family (HUF)

Concept of HUF The term 'Hindu Undivided Family' has not been defined under the Income Tax Act. It is defined under t…

Diffrence between Previous year & Assessment years

Assessment Year [Sec. - 2 (9)] Meaning and Definition  Assessment year refers to a year in which financial year is asse…

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