· Understand the basic concepts of income tax, such as Assessment Year, Previous Year, Charge of Tax, and Income under the Income-tax Act, 1961. Preceding Financial Year: Financial year immediately preceding the Assessment Year is called Previous Year; for example, Financial Year of 2022-23 will be Previous Year for the … Income earned by an individual during the previous year 2008-09 is taxable in the immediately following assessment year 2009-10 at the rates applicable for the assessment year 2009-10. Tax is a fee charged by a government on a product, income or activity. There are two types of taxes – direct taxes and indirect taxes (See Chart below this paragraph). If tax is levied directly … The document discusses key concepts related to the computation of total income and tax liability under the Income Tax Act, 1961. It defines important terms like assessee, person, assessment … BASIC CONCEPTS STRUCTURE OF THE CHAPTER 1.1 Objectives 1.2 Basics 1.3 Meaning of tax planning, tax avoidance, tax evasion and tax management 1.4 Definitions 1.5 Charge of … Income Tax is paid by individuals for earning an income in a financial year and the tax is calculated as per the total income earned during the applicable financial year based on the … Explore the Income-tax Act, 1961, with comprehensive sections and provisions for understanding tax regulations and compliance in India. A tax is compulsory charge or fees imposed by the Government on individuals or corporations. The persons who are taxed have to pay the tax irrespective of any corresponding return from … Learning Aims The syllabus aims to test the student’s ability to : Understand the basic principles underlying the Income Tax Act, Compute the taxable income of an assessee, Analyze the …
