How is the income of a taxpayer classified under the I-T Act?

• Related Articles

• What is the tax treatment for salary given in arrears, or in advance? How does the I-T Act protect my interest in this case?

  You have to calculate your tax liability on the total income received during the current financial year. If your total income includes any past dues paid in the current year, or any advance for the succeeding years, you may be worried about paying a ...

• What is the difference between the Gross Total Income and Total Income?

  Gross Total Income (GTI) is the sum of all the incomes received by the taxpayer from various sources. Certain deductions stated under section 80C-80U are allowed by the I-T Act to reduce the taxpayer's taxable income. After deductions, the Total ...

• What books of account must be maintained by a person carrying out a business/profession under the I-T Act

  No particular books of account  have been prescribed by the I-T Department for a person engaged in business or in non-specified profession. However, if certain conditions are satisfied, then such a person is expected to keep and maintain books of ...

• The income received by me from my employer does not fit into any of the items specified in Section 15 and 17 of the IT Act. In that case, is my income still taxable as Salary income?

  Section 15 of the Income Tax Act contains all the conditions in which the income received or accrued can be classified under ‘Salary’ for tax treatment. It also tells us how the tax thereon should be paid. Section 17 defines what incomes will be ...

• Presumptive Income

  Business or professional income is classified into 3 categories 1. 44 AD  44 AD is Business Income with gross turnover less than Rs 2 crores.  2. 44 ADA 44 ADA is Professional income (i.e doctor,CA,consultant) with gross receipt less than Rs 50 lac ...