What is alternate minimum tax?
Tax India Online
February 22, 2018
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For details on alternate minimum tax (AMT) refer to tutorial on "Minimum Alternate Tax and Alternate Minimum Tax"
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Showing posts with label FAQs on Computation of Tax. Show all posts
Showing posts with label FAQs on Computation of Tax. Show all posts
Thursday, February 22, 2018
What is minimum alternate tax?
Tax India Online
February 22, 2018
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For details on minimum alternate tax (MAT) refer to tutorial on "Minimum Alternate Tax and Alternate Minimum Tax"
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What is marginal relief and how it is computed?
Tax India Online
February 22, 2018
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The concept of marginal relief is designed to provide relaxation from levy of surcharge to a taxpayer where the total income exceeds mar...
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What is surcharge and how it is computed?
Tax India Online
February 22, 2018
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Surcharge is an additional tax levied on the amount of income-tax. In case of individuals/HUF/AOP/BOI/artificial juridical person, surch...
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Can a non-resident claim rebate under section 87A?
Tax India Online
February 22, 2018
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Rebate under section 87A is available only to an individual who is resident in India, hence, non-residents cannot claim rebate under...
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Can a partnership firm or HUF claim rebate under section 87A?
Tax India Online
February 22, 2018
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Rebate under section 87A is available only to an individual, hence, any person other than an individual cannot claim rebate under ...
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What is rebate under section 87A and who can claim it?
Tax India Online
February 22, 2018
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An individual who is resident in India and whose total income does not exceed Rs. 3,50,000 is entitled to claim rebate under sect...
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How to round off the tax liability?
Tax India Online
February 22, 2018
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As per section 288B , tax payable by the taxpayer or tax refundable to the taxpayer shall be rounded off to the nearest multiple o...
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How to compute the total tax liability?
Tax India Online
February 22, 2018
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After ascertaining the total income, i.e., income liable to tax, the next step is to compute the tax liability for the year. ...
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Is there any limit of income below which I need not pay tax?
Tax India Online
February 22, 2018
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At this moment (i.e., for the financial year 2017-18) Individual, HUF, AOP, and BOI having income below Rs. 2,50,000 need not pay an...
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My daughter stays in USA. She owns a house in India and has let it out. She has asked tenants to pay rent to me. She has not received any rent. Is she still liable to tax? What if she transfers the house to me?
Tax India Online
February 22, 2018
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Rental income is charged to tax in the hands of the owner of the property. Your daughter is the owner of the house and, therefore, ...
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Most of my income is given away in charity and I am left with just enough money to meet my personal requirements. What will be considered as my income?
Tax India Online
February 22, 2018
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What is done after the income is earned by you will not give you tax exemption. However, contribution to approved institutions will...
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Can I claim deduction for my personal and household expenditure while calculating my taxable income or profit?
Tax India Online
February 22, 2018
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No, you cannot claim deduction of personal expenses while computing the taxable income. While computing income under various heads, ...
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What is the difference between gross total income and total income?
Tax India Online
February 22, 2018
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Total Income is the income on which tax liability is determined . It is necessary to compute total income to ascertain tax liability ....
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