Category: Income Tax

Permanent Account Number (1) Who has to apply for PAN? Every person who has not been allotted a permanent account number shall, within such time, as may be prescribed, apply … Read More

Tax on long term capital gains on sale of equity shares etc. (1) Conditions to be satisfied for applicability of section 112A (Section 112A(1)) Notwithstanding anything contained in section 112, … Read More

  Business or profession   1.Business:  The word business is defined in section 2 (13) to include any trade, commerce or manufacture or any adventure or concern in the nature … Read More

  Winning from lotteries any winnings from: (1) lotteries, 2) crossword puzzles, 3) races including horse races, 4) card games and other games of any sort 5) gambling or batting … Read More

 Residential status Whether a person is taxable in India for any given financial year depends on his residency status there. The phrase “residential status” was created by the Indian income … Read More

Describe Section 194C. According to Section 194C, any of the following parties listed below who are accountable for paying any amount to the resident contractor for performing any work (including … Read More

Section 194J TDS on  professional fee  and Technical service. Professional fee mean service rendered by a person in the course of carrying on legal, medical, architectural or engineering profession or … Read More

Tax on short term capital gain There are two type of capital gain Long term Capital gain Short Term Capital gain ( Section 111A) There the total income of an … Read More

Long Term Capital Gain Tax Long Term Capital Gain Tax computed under five head of income. The total income of any person is to be computed in the manner prescribed … Read More