Gross Total Income [Section 80B(5)] Gross total income means the aggregate income computed in accordance with the provision of Income Tax Act, 1961 before making any deduction under section 80C to 80U. #GROSSTOTALINCOME

HEADS OF INCOME [SEC. 14] The Section 14 of Income Tax Act classifies all incomes under the following heads: ... Income from House Property. Profits and Gains from Business or Profession. Capital Gains. #HEADSOFINCOME

INCOME for the Purpose of Tax The Income Tax Department is a government agency undertaking direct tax collection of the Government of India. It functions under the Department of Revenue of the Ministry of Finance. Income Tax Department is headed by the apex body Central Board of Direct Taxes. #INCOMEforthePurposeTax

PERSON in Taxation an Individual; a Hindu Undivided Family (HUF) ; a Company; ... Association of Persons or Body of Individuals or a Local authority or Artificial Juridical Persons shall be deemed to be a person whether or not, such persons are formed or established or incorporated with the object of deriving profits or gains or income. #PERSONinTaxation

Who is an ASSESSEE An income tax assessee is a person who pays tax or any sum of money under the provisions of the Income Tax Act, 1961. The term 'assessee' covers everyone who has been assessed for his income, the income of another person for which he is assessable, or the profit and loss he has sustained. #WhoisAnASSESSEE

Exceptions to the general rule that income of a Previous Year is taxed in its Assessment Year As a general rule, the income earned in the previous year is taxed only in the assessment year but in the following cases, the income earned is taxed in the same year in which it is earned or received. Such exceptions to the general rule are given in Sections 172 and 174 to 176. #ExceptionstothegeneralrulethatofaPreviousYearistaxediNAssessmentYear

ASSESSMENT YEAR AND PREVIOUS YEAR Previous year is a period in respect of which a person has to pay tax. In income tax act the previous year is a period of 12 months beginning from April 1 to March 31. Assessment year is a 12 months period following the previous year during which the assessee has to file his return of income #ASSESSMENTYEARANDPREVIOUSYEAR

BASIC PRINCIPLES OF TAXATION According to the benefit principle of taxation those who reap the benefits from government services should pay the taxes. The benefit principle holds that people should be taxed in proportion to the benefits they receive from goods and services provided by the government #BASICPRINCIPLESOFTAXATION

GST Goods and Services Tax is an indirect tax used in India on the supply of goods and services. It is a comprehensive, multistage, destination-based tax: comprehensive because it has subsumed almost all the indirect taxes except a few state taxes. #GST

Sections in TDS Tax Deducted at Source is the first way of collecting taxes. Section 195 of the Income Tax Act is a section that covers the TDS on Non-resident payments. This section identifies the tax rates and deductions on business transaction with a non-resident from a day –to-day basis. #SectionsinTDS

Tax Deducted at Source -TDS Tax Deducted at Source (TDS) is a system introduced by Income Tax Department, where the person responsible for making specified payments such as salary, commission, professional fees, interest, rent, etc. is liable to deduct a certain percentage of tax before making payment in full to the receiver of the payment #TaxDeductedatSource