Agricultural Income- All you need to know
The provision of Agricultural Income is stated in Section 10 (1), which provides that agricultural income is not to be included in the total income of the assessee. It mean that Agricultural Income will not be taxed under Income Tax.
Deemed Resident- Section 6(1A)
Deemed Resident concept has been introduced from Finance Act, 2020, where from Assessment Year 2021-22, an Indian citizen shall be deemed to be resident in India only if his Total Income, other than income from foreign sources, exceeds Rs 15 Lakhs during the previous year.
Previous Year vs Assessment Year
Previous Year and Assessment Year are two important terms that every tax payers should understand as both the terms are very important from Income Tax point of view.
Y4 Express Limited v HMRC [2022]
In Y4 Express Limited v HMRC [2022], the tribunal gives its pronouncement that appellant company (Y4), would not able to recover input VAT paid on printing postage Impressions (PPI) at preferential rate.
Taxable Event under GST
Taxable event means any event or instance, occurrence of which triggers or result in a tax liability.