Salary Income - Frequently Asked Questions and Answers 1.What is considered as salary income? Section 17(1) of the Income-tax Act defines the term ‘salary’. However, not going into the technical definition, generally whatever is received by … [Read more...]
Archives for December 2, 2014
Computation of Tax Liability – Frequently Asked Questions and Answers
Computation of Tax Liability - Frequently Asked Questions and Answers 1. Under how many heads the income of a taxpayer is classified? Section 14 of the Income-tax Act has classified the income of a taxpayer under five different heads of income, … [Read more...]
Implementation of One Rank One Pension under consideration
Implementation of One Rank One Pension under consideration The principle of One Rank One Pension for the Armed Forces has been accepted by the Government. The modalities for implementation were discussed with various stakeholders and are presently … [Read more...]