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TCS in income tax (Complete Detail)

TCS in income tax (Complete Detail)

The Income Tax Act of India has several terms related to tax, like TCS, TDS, ITR, etc. Let us know more about TCS in income tax here. TCS is Tax Collected at Source. The seller needs to pay this tax but gets it from the buyer at the time of purchase. In other words,...
How to Calculate Income Tax on Salary with Example

How to Calculate Income Tax on Salary with Example

Income tax calculation frightens people because it has been made such a complicated process to comprehend that the moment we listen to the calculation of Income Tax we resist doing it by ourselves. If you were searching for how to calculate income tax on salary with...
Features of Income Tax (Guide 2023)

Features of Income Tax (Guide 2023)

The Indian income tax system has evolved significantly over the past decade. Some major changes have been introduced in the income tax system to make it more efficient and relevant to today’s needs. New departments have been set up, more policies have been...
As Per Income Tax Act  Person Includes

As Per Income Tax Act Person Includes

The one term that you read often in any of the sections of the Income Tax Act is the ‘person’. As per income tax act, person includes an individual, a HUF, a company, a firm, an AOI/BOI, a local authority, etc.  Section 2 of the Income Tax Act, 1961 provides the...