Podcast
Questions and Answers
What is the year in which income of a person is assessed and taxed?
What is the year in which income of a person is assessed and taxed?
What is the comprehensive statute that governs taxation in India?
What is the comprehensive statute that governs taxation in India?
Which type of tax is imposed directly on individuals or entities?
Which type of tax is imposed directly on individuals or entities?
What is the term for income that is not included in the total income for tax purposes?
What is the term for income that is not included in the total income for tax purposes?
Signup and view all the answers
Which type of income includes profits and gains from a business or profession?
Which type of income includes profits and gains from a business or profession?
Signup and view all the answers
What is the year in which income of the person is assessed and taxed?
What is the year in which income of the person is assessed and taxed?
Signup and view all the answers
Which type of tax is imposed on goods and services?
Which type of tax is imposed on goods and services?
Signup and view all the answers
What does the Income Tax Act of 1961 focus on?
What does the Income Tax Act of 1961 focus on?
Signup and view all the answers
Which type of income is not included in Total Income for tax purposes?
Which type of income is not included in Total Income for tax purposes?
Signup and view all the answers
What is the term used for the year in which income is earned?
What is the term used for the year in which income is earned?
Signup and view all the answers
Study Notes
Assessment Year
- The year in which income of an individual is assessed and taxed.
- For example, the income earned in the financial year 2022-23 will get assessed in the assessment year 2023-24.
Income Tax Act, 1961
- The comprehensive statute that governs taxation in India.
- Dictates how income is calculated, taxed, and collected.
Direct Tax
- Tax imposed directly on individuals or entities.
- Examples include Income Tax and Corporation Tax.
- The taxpayer bears the ultimate burden of the tax.
Exempt Income
- Income that is not included in the total income for tax purposes.
- It is excluded from the tax calculation due to specific provisions in the Income Tax Act, 1961.
- For example, agricultural income.
Income from Business or Profession
- Income from a business or profession.
- This type of income includes salaries, wages, and income from an occupation.
Financial Year
- The year in which income is earned.
- In India, it runs from April 1st to March 31st.
Indirect Tax
- A tax imposed on goods and services.
- It's typically paid by a consumer who ultimately bears the burden.
- Examples include GST (Goods and Services Tax) and Excise Duty.
Income Tax Act, 1961
- Focuses on the levy, collection, and administration of direct taxes in India.
- It classifies various types of incomes, defines exemptions and deductions, and outlines the rules for taxation.
Exempt Income
- Not included in the total income for tax purposes.
- It is not subject to tax.
- Examples include income from certain agricultural activities.
Previous Year
- The year in which income is earned.
- Income earned in the Previous Year is taxed in the subsequent Assessment Year.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
Description
Test your knowledge of income tax law and practice with this quiz based on the syllabus for BBA-III Semester. Covering basic concepts, assessment year, gross total income, tax evasion, tax avoidance, and more, this quiz will help you prepare for your exams and gain a deeper understanding of income tax principles.
