Taxability of Salary Income- Important things to know
Provisions for Income under head salary contained in Section 15, 16 and 17 of the Income Tax Act 1961.
Section 15 deals with chargeability, section 16 contains provision related with Deduction and section 17 deals with meaning of salary, perquisite and profit in lieu of salary.
Latest News- CBDT extends due date for filing Income Tax Returns and audit reports for Assessment year 2021-22
CBDT extends due date for filing Income Tax Returns and audit reports for Assessment year 2021-22 to 15th February 2022
Accounting Policies (ICDS-1)
According to ICDS-1, accounting policies have to be followed on consistent basis and any change in the accounting policy will be made only if there is an reasonable cause
Roll out of the new Annual Information Statement (AIS)
Roll out of the new Annual Information Statement (AIS)
Income Computation and Disclosure Standards (ICDS)
The ICDS is being applicable on all assessees who are following the mercantile system of accounting for the purpose of computation of Income chargeable under the head “PGBP” i.e., Profits and Gains of business or profession or Income under head “Income from other sources”