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    CH 1 Basic Concepts

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    1. Income earned in a particular financial year (PY) is generally assessed for taxation in the next assessment year (AY). 2. Exceptions to this include income earned by an individual leaving India or discontinuing business in India during the PY, as well as income deemed to be earned by a non-resident shipping owner. 3. The Income Tax Act 1961 and subsequent Finance Acts, Taxation Laws (Amendment) Acts, Income Tax Rules 1962, and notifications, circulars and orders issued by CBDT form the basis of India's income tax system.

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    CH 1 Basic Concepts

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    34 views6 pages
    1. Income earned in a particular financial year (PY) is generally assessed for taxation in the next assessment year (AY). 2. Exceptions to this include income earned by an individual leaving India or discontinuing business in India during the PY, as well as income deemed to be earned by a non-resident shipping owner. 3. The Income Tax Act 1961 and subsequent Finance Acts, Taxation Laws (Amendment) Acts, Income Tax Rules 1962, and notifications, circulars and orders issued by CBDT form the basis of India's income tax system.

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    Ch 1 Basic Concepts (3)

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    1. Income earned in a particular financial year (PY) is generally assessed for taxation in the next assessment year (AY). 2. Exceptions to this include income earned by an individual leaving India or discontinuing business in India during the PY, as well as income deemed to be earned by a non-resident shipping owner. 3. The Income Tax Act 1961 and subsequent Finance Acts, Taxation Laws (Amendment) Acts, Income Tax Rules 1962, and notifications, circulars and orders issued by CBDT form the basis of India's income tax system.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    34 views6 pages

    CH 1 Basic Concepts

    Uploaded by

    caps videos
    1. Income earned in a particular financial year (PY) is generally assessed for taxation in the next assessment year (AY). 2. Exceptions to this include income earned by an individual leaving India or discontinuing business in India during the PY, as well as income deemed to be earned by a non-resident shipping owner. 3. The Income Tax Act 1961 and subsequent Finance Acts, Taxation Laws (Amendment) Acts, Income Tax Rules 1962, and notifications, circulars and orders issued by CBDT form the basis of India's income tax system.

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    of 6

    CA Intermediate Taxation by CA.

    Pawan Sarda
    Income Tax – Ch. 1 Basic Concepts

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