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CLARIFICATION ON TAX DEDUCTED AT SOURCE ON ARREARS OF SALARY

By Harshal

No. 402/92/2006-MC (46 of 2008) Government of India/ Ministry of Finance Department of Revenue Central Board of Direct Taxes *** New Delhi, the 30th September 2008 PRESS RELEASE Clarification regarding tax deduction at source on arrears of salary paid to government servants on account of implementation of the recommendations of Sixth Central Pay Commission The [...]

INCOME TAX – AN OVERVIEW- I

By Harshal

QUICK LOOK Income tax is levied on the ‘total income’ of the assessee. Income of the ‘previous year’ is taxed in the ‘assessment year.’ Income is classified into and computed under five categories called ‘heads of income.’ The basic scheme of income tax is the principle ‘pay as you earn.’ One must pay his taxes [...]