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Questions and Answers
What are the different heads of income under the Income Tax Act?
What are the different heads of income under the Income Tax Act?
The different heads of income under the Income Tax Act are salary, house property, profits and gains of business or profession, capital gains, and income from other sources.
What is the primary legislation governing income tax in India?
What is the primary legislation governing income tax in India?
The primary legislation governing income tax in India is the Income Tax Act.
What is the overview of wealth tax, its applicability, and computation for individuals and Hindu Undivided Families (HUFs)?
What is the overview of wealth tax, its applicability, and computation for individuals and Hindu Undivided Families (HUFs)?
Wealth tax is a tax levied on the net wealth of an individual or HUF. The wealth tax is computed as 1% of the amount that exceeds the basic exemption limit of Rs 30 lakhs for individuals and HUFs.
