https://padlet.com/19e2144/8xft64eebmiacc7p ASSIGNMENT - AADAV RISHIKESH 19E2144 BBA 3 C en-us 2021-09-17 09:43:28 UTC 2021-09-17 10:04:18 UTC hello@padlet.com 19e2144 https://padlet.com/19e2144/8xft64eebmiacc7p/wish/1748322674 Income Tax Act, 1961 is an act to levy, administrate, collect & recover Income-tax in India. It came into force from 1st April 1962.
Income Tax including surcharge (if any) & cess is charged for any person at the rate as prescribed by Central Act for that assessment year.  Income-tax Act has provided separate provisions with respect to levy of tax on income received in advance as well as the income with respect of which the amount has not yet been received. A person also has to keep track of his TDS deducted while calculating his final tax liability at the end of the year.

]]> 2021-09-17 10:02:52 UTC https://padlet.com/19e2144/8xft64eebmiacc7p/wish/1748322674 19e2144 https://padlet.com/19e2144/8xft64eebmiacc7p/wish/1748323729 As per the Income Tax Act 1961, the total income of the previous year for a person who is a resident of India will include all his income irrespective of the source of that income which is either received or has accrued in India in the previous year.

However, if a person is not an ordinarily resident in India as per Section 6 of Income Tax Act, 1961, income from the sources which accrues or arises for him outside India shall not be included in total income. In respect of non-residents, any income which is received or arises in India is taxable in India.]]> 2021-09-17 10:03:41 UTC https://padlet.com/19e2144/8xft64eebmiacc7p/wish/1748323729 19e2144 https://padlet.com/19e2144/8xft64eebmiacc7p/wish/1748324424 Every income arising to any person will always be classified under one of the following headers provided by the Act: –
Salaries
Income from house property
Profit and gains of business or profession
Capital gains
Income from other sources]]> 2021-09-17 10:04:15 UTC https://padlet.com/19e2144/8xft64eebmiacc7p/wish/1748324424