Capital Gains Tax advise

 

 

The total income from all the above heads of income is calculated in accordance with the provisions of the Act as they stand on the first day of April of any assessment year. The Income Tax Department- External website that opens in a new window is responsible for all activities related to the taxation process. Capital Gains Tax advise  The word income has a very broad and inclusive meaning. In case of a salaried person, all that is received from an employer in cash, kind or as a facility is considered as income. For a businessman, his net profits will constitute income. Income may also flow from investments in the form of Interest, Dividend, and Commission etc. Infact the Income Tax Act does not differentiate between legal and illegal income for the purpose of taxation. Under the Act, all incomes earned by people are classified into five different heads, such as: income from salary, income from house property, income from business or profession, income from capital gains and income from other sources.The Income Tax Department has developed an online Tax calculator- External website that opens in a new window. Individuals, HUF, Company, Firm, AOP, BOI, etc. can calculate their tax amount of the respective Assessment Year.