As the Income Tax Act there are 5 Heads of Income mention below Income from salary Income from house property Income from profits and gain...

Filing business tax returns is the process where a business has to report its income and expenditure to the Income Tax department. Every business that...

A taxpayer may get a defective notice U/S 139(9), when the information provided by him is either missing or incorrect. The reasons may include: When...

87 A Rebate is one of the income tax provisions that help taxpayers to reduce their income tax liability. If your total income does not...

An individual tax payer need to revise his returns in case if he/she made any mistakes in the original return. It is another chance given...

Any profit/gain that arises from selling of capital asset. Example: Financial investments, real estate, personal property. Any profit which an individual receive from the sale...

what is Direct Tax? A direct tax is a tax that a person/organization pays directly to the entity that imposed it. For example: Income tax, real...

What is Surcharge Additional charge payable on income tax. It is an added tax on the taxpayers who having an higher income during a particular...

What is standard deduction Standard deduction is a flat deduction to an individual’s earnings of salary/pension income. Standard deduction will reduce the Taxable Income. When...

What is Outstanding Demand The Taxpayer may receive an outstanding demand notice under section 156 of Income Tax Act. This notice specifies the amount payable if...