Certain cases when income of a previous year will be assessed in the previous year itself
The income of an assessee for a previous year is charged to income-tax in the assessment year following the previous
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Previous year for undisclosed sources of income
There are many occasions when the Assessing Officer detects cash credits, unexplained investments, unexplained expenditure etc, the source for which
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Read morePREVIOUS YEAR AND ASSESSMENT YEAR
Assessment year [Section 2(9)] The term has been defined under section 2(9). This means a period of 12 months commencing
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Read moreConcept of revenue and capital receipts
Criteria for determining whether a receipt is capital or revenue in nature The following are some of the important criteria
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Read moreConcept of Income under the Income-tax Act, 1961
Regular receipt vis-a-vis casual receipt: Income, in general, means a periodic monetary return which accrues or is expected to accrue
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Read moreIncome [Section 2(24)] Income Tax
Definition of Income The definition of income as per the Income-tax Act, 1961 begins with the words “Income includes”. Therefore,
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Read moreAverage Rate of tax
As per section 2(10), “Average Rate of tax” means the rate arrived at by dividing the amount of income-tax calculated
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