It is income is not disclosed by the taxpayer but is detected by the Income Tax department and the source for which is not satisfactorily explained by the assessee to the Assessing Officer, it is deemed to be the income …
Normally, income earned in a previous year gets taxed in its assessment year. However, in certain cases, where income is not disclosed by the taxpayer but is detected by the Income Tax department and the source for which is not …
As per section 2(10), “Average Rate of Income-Tax” means the rate arrived at by dividing the amount of income-tax calculated on the total income, by such total income. Section 2(29C) defines “Maximum Marginal Rate” to mean the rate of income-tax …
India [Section 2(25A)] The term ‘India’ means – (i)  the territory of India as per Article 1 of the Constitution, (ii)  its territorial waters, seabed and subsoil underlying such waters, (iii)  continental shelf, (iv)  exclusive economic zone or (v)  any …
Terms defined in the Act: Section 2 gives definitions of the various terms and expressions used therein. If a particular definition is given in the Act itself, we have to be guided by that definition. Terms not defined under the …
Click on the Topic to download Pdf- ? CRR_Reserve Ratio_commerceachiever
Click on the Topic to download Pdf- ? NDTL -CommerceAchiever
Click on the Topic to download Pdf- ? Deflation -Economics Concept-CommerceAchiever
Click on the Topic to download Pdf- ? Inflation -Economics Concept-CommerceAchiever
Goods amounting to ₹45,000 were sold for ₹60,000 on a cash basis. It affects Cash and Inventory on the assets side and capital on the other side. There is an increase in cash by ₹60,000 and a decrease in inventory …