Section ______ of the Income Tax Act, 1961, defines the term ‘Assessment Year’.
As per Section 2(9) of the Income Tax Act, 1961, unless the context otherwise requires, the term ‘assessment year’ means the period of twelve months commencing on the 1st day of April every year. Basically the Assessment year is considered to be a 12 months period starting from April 1, during which an assessee is required to file the return of income (ITR) for the previous year and the ITO has to initiate assessment proceedings for such returned income and tax thereon. Since Income Tax is on income of a financial/ previous year or period, so tax filings and assessment can start thereafter
Use of cash to underrate a capital expenditure in an organisation involves an outflow of cash. This transaction will be reflected in the Cash Flow State...
An annuity that starts at a predetermined date in the future is called as:
What does Standard Costing help in?
What is the amount which is allowed as standard deduction under section 16 from Gross salary while computing the Income under head salary?
What is the significance of GeM Analytics in the Government e-Marketplace?
The value of supply should include:
How much deduction under section 80TTA of Income Tax Act is allowed?
What is the journal entry for charging Depreciation under Cost Method?
Shyam Ltd. acquired a new machinery for ₹ 1,00,000 that is depreciable at 20% as per AS 6 WDV method. The machine has an expected life of 5 years with...
Goods costing ₹ 1,00,000 were insured for ₹ 50,000. Out of these goods, ¾ are destroyed by fire. The amount of claim with average clause will be: