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Tax Exemptions As Per Income Tax Act 1961

Every income is taxable under income tax law, whether it is received in cash or in kind, whether it is capital or revenue income, but still some incomes are given exemption from tax. Income-tax Act contains¬† a number of provisions which exclude various kind of incomes from the purview of taxation. The incomes enumerated below are exempt from tax Agricultural …

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Income Tax Act In India

Income Tax is a tax imposed by the government of India on every one who earns in India whether they are resident of India or not. If an individual stays in India for 182 days or more in a year, he is treated as resident in that year regardless of his citizenship. This tax is levied under Income tax Act …

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What Does HMRC Stands For?

HMRC stands for Her Majesty’s Revenue and Customs. It is a non ministerial department of the British Government. It was formed on the 18th April 2005, formed by the merger of Inland Revenue and HM Customs and Excise. HMRC is primarily responsible for the collection of taxes, it ensures the correct tax is paid at the right time. HMRC is …

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What Are Input Tax And Output Tax

What is Input Tax? Input Tax is an Indirect tax such as VAT(Value added tax) levied on capital goods used directly in the process of manufacturing such as raw materials, spare parts, services etc., which a business consumes in its operations. Input tax is the tax paid on purchase of goods or services by a registered dealer(with HMRC) in course …

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