Figyan

CA Bigyan Kumar Mishra

is a fellow member of the Institute of Chartered Accountants of India.He writes about personal finance, income tax, goods and services tax (GST), stock market, company law and other topics on finance. Follow him on linkedin or facebook or instagram or twitter.

What is agricultural income – is it taxable in india

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Section 2(1A) of income tax act 1961 defines agricultural income. As per section 2(1A)(a), to classify an income as agricultural, you need to see if it satisfy following two conditions;Income should be derived from land situated in India, andthe land is used for agriculture purposesThis means profit derived from any land situated in India through agriculture will be … [Read more...] about What is agricultural income – is it taxable in india

Expenses can be disallowed if tax not deducted at source

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Expenses are incurred by a company, Partnership firm, proprietor and other persons to generate income in their day to day business operations.These expenses are allowed as tax deductible if its incurred for business purpose and satisfy the terms and conditions of tax laws.As per our law, certain expenses are allowed as tax deductible only when you have deducted and … [Read more...] about Expenses can be disallowed if tax not deducted at source

How to determine Residential status of an individual for income tax purpose

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Residential status of a person is the first and foremost thing you should find out before applying provisions of income tax act to calculate tax liability.For every previous year relevant to the assessment year, you should determine your Residential status in order to find out whether a particular income is taxable or not.Basic conditions to determine whether the … [Read more...] about How to determine Residential status of an individual for income tax purpose

A Comprehensive Guide to Partnership Firm Taxation in India

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You’ve probably thought about starting a business with your best friends. If you do, you might wonder how your earnings as a partner would be taxed in India. Check out the guide below for more information.What is a Partnership Firm?A partnership firm is a business owned by several individuals who agree to work together. These individuals sign a document called a … [Read more...] about A Comprehensive Guide to Partnership Firm Taxation in India

How to reduce taxable Income to Rs 500000 or less in FY 2019-20 (AY 2020-21)

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For calculating tax liability, you are required to add your Income under the head salary, house property, profits and gains from business or profession, capital gain and other sources. Total figure will give you gross total income.Out of the gross total income, if you reduce all eligible tax deductions under section 80C to 80U based on your investments and expenses, you … [Read more...] about How to reduce taxable Income to Rs 500000 or less in FY 2019-20 (AY 2020-21)