Income Tax Act 1961 | Basics Of Income Tax Act 1961 | B.com | M.com | BBA | CA | CS | CMA

In This Video We Will Discuss Basics Of Income Tax Act 1961 All Concepts, Problems and Examples for Class B.com, BBA, CA, CS and CMA, have been discussed by Chandan Poddar Sir For Grooming Education Academy.

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Income Tax including surcharge (if any) & cess is charged for any person at the rate as prescribed by Central Act for that assessment year. Income-tax Act has provided separate provisions with respect to levy of tax on income received in advance as well as the income with respect of which the amount has not yet been received. A person also has to keep track of his TDS deducted while calculating his final tax liability at the end of the year.

For Income Tax Act 1961, the previous year is defined as the financial year which immediately precedes the assessment year. In case the source of income is new or the business set up is new, the previous year for that entity will start from the date of setting up of that business or profession or from the date when the source of income of this new existence starts and ends in the said financial year.

These incomes are taxed as the income of the year immediately preceding the assessment year at the rates applicable to such a person.
Income of a person who is leaving India for a long period or permanently
Income of a person who is trying to alienate his assets with an intention to avoid taxes
Income of a discontinued business
Income of non-resident shipping companies who don’t have any representative in India

Scope to Total Income:
As per the Income Tax Act 1961, the total income of the previous year for a person who is a resident of India will include all his income irrespective of the source of that income which is either received or has accrued in India in the previous year.

Heads of Income Tax:
Every income arising to any person will always be classified under one of the following headers provided by the Act: –
Salaries
Income from house property
Profit and gains of business or profession
Capital gains
Income from other sources

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