What is Scope of levy of service tax?
Scope of levy of service tax Section 66 of chapter V of Finance Act 1994 provides for levy of tax on value of taxable services....
Elements of Direct and Indirect Taxes
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What is Previous Year?
PREVIOUS YEAR [Sec. 2(34) and 3)] Definition : For the purposes of this Act, “previous year” means the financial year immediately preceding the assessment year....
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What is Assessment Year?
ASSESSMENT YEAR [Sec. 2(9)] Definition : Sec. 2(9) of the Act defines a ‘assessment year’ as “the period of twelve months commencing on the first...
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What is Charge of Income Tax?
An understanding of the Income Tax law requires a study of Income Tax Act, 1961. CHARGE OF INCOME TAX As provided in Section...
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Define Person [Sec. 2(31)]
PERSON [Sec. 2(31)] Definition : “Person” includes – 1) An individual 2) A Hindu Undivided Family 3) A company 4) A firm (including a Limited...
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Basic conditions to identify Residential status
Residential status An aseesee can be classified under the following three residential statuses under income tax act. Resident and ordinary resident (R and OR) Resident...
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Basic definitions in DIRECT INDIRECT TAX
SOME OF THE BASIC DEFINITIONS IN DIRECT INDIRECT TAX 1. Person 2(31) Person includes : a) individual b) Company c) Hindu undivided family d) Body...
