The incidence of tax on any assessee depends upon his residential status under the Act. For all purposes of income-tax, taxpayers are classified into three broad categories on the basis of their residential status viz. (1) Resident and ordinarily resident …
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 …
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 …
Assessment year The term has been defined under section 2(9). This means a period of 12 months commencing on 1st April every year. The year in which income is earned in the previous year and such income is taxable in …