Articles under Income Tax

Income Tax Act Section 56 as per Budget 2017-18

Budget 2017-18, Income Tax Act Section 56   It is proposed to widen the scope of section 56 of the Income-tax Act to provide that any money, immovable property or specified movable property received without consideration or with inadequate consideration, by any person, subject to certain exemption and exceptions, shall be taxable if its value exceeds rupees fifty thousand.               Learn Imports and Expor

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Who is a very Senior Citizen under Income Tax rules India?

  What is the age criteria for very senior citizens under Income Tax Act of India? This post explains about the term Very Senior Citizen under Income Tax Rules of India. Who is eligible to claim Income Tax exemption under the term very Senior Citizen? What is the age limit to become a very senior citizen in India under Income Tax rules? Any Indian resident citizen whose age is 80 years or above at any time during the respective year falls under the term very Senior Citi

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Who is a senior citizen under Income Tax rules India?

  What is the age criteria for senior citizens under Income Tax Act of India? This post explains about Senior Citizen under Income Tax Rules of India.   // Who is eligible to claim Income Tax Exemption under the term Senior Citizen? What is the age limit to become a senior citizen in India under Income Tax rules? Any Indian resident citizen whose age is 60 years or above at any time during the respective year falls under the term Senior Citi

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Financial Year under Income Tax rules

Meaning of Financial Year under Income Tax rules   What is the meaning of Financial Year in India in terms of Income Tax rules? The financial year is the year in which you earn an income.  The tax on such income is liable to pay with returns in assessment year which is next to financial year.  In India, the financial year starts from April 1st and ends on March 31st of year next.   If current financial year starts from 1st April 2016 and ends on 31st March

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