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Define Assessment year and Previous Year.
Assessment Year is the period of 12 months which starts from 1st April and ends on 31st March.
For example: 1st April 2011 to 31st March 2012.
Previous Year is the financial year immediately preceding assessment year.
For example: 1st April 2010 to 31st March 2011 is the year in which income was earned which will be assessed or charged to tax in A.Y 2011-2012.
What does the term Person includes?
According to Section 2(31), the term Personal includes:
An Individual
A Hindu Undivided Family
A Company
A Firm
An Association of Persons or A Body of Individuals
A Local Authority
Every Artificial Person not falling under any of the preceding sub-clauses.
What are the five heads of income to calculate Total Income of the Assessee?
Income from Salaries
Income from House Property
Profits from Business and Profession
Income from Capital Gains
Income from Other Sources
Who is a Resident and Ordinarily Resident (ROR)?
An individual is treated as Resident and Ordinarily Resident if he satisfies any one of the basic conditions and both the following additional conditions –
Basic Conditions:
He is in India for a period or periods amounting in all to at least 182 days in the relevant previous year.
He is in India for 60 days or more during the relevant previous year and has been in India for 365 days or more during four previous years immediately preceding the relevant previous year.
Additional Conditions:
He has been Resident in India for at least 2 out of 10 previous years immediately preceding the relevant previous year.
He has been in India for 730 days or more during 7 previous years immediately preceding the relevant previous year.
What is Incidence of Tax in the case of Resident but Not-ordinarily Resident?
A Resident but Not-ordinarily Resident is taxable in respect of
Income which is received or deemed to be received in India in the previous year.
Income which accrues or arises or is deemed to accrue or arise in India during the previous year.
Income which accrues or arises outside India from a business controlled or profession set up in India.
Income received outside India from a business controlled or profession set up in India.
Which incomes are deemed to have accrued or arisen in India, even if they accrue or arise outside India?
Income from a business connection in India.
Any income which arises from any tangible property situated in India, whether movable or immovable.
Income from transfer of any capital asset situated in India.
Any salary earned in India, even if it is paid outside India.
Salary paid by Government to an Indian citizen or Indian national for services rendered outside India.
Which incomes are exempt under sec. 10 of the Act?
Agricultural Income
Share of profit of a partner from a Firm
Amount received under a life insurance policy.
Interest, premium or bonus on specified investments.
Educational Scholarship
Payments to MPs, MLAs etc.
Income to Local Authority.
Income of a Mutual Fund.
Income of a Venture Capital Fund.
Income of Trade Union
Income of Certain Funds
Income of employees State Insurance Fund.
Capital Gains arising from the transfer of units of UTI
Dividend received from a Domestic Company.
Capital Gains due to compulsory acquisition of agricultural land.
Long term capital gains from the transfer of securities.
Occasional Incomes or Gifts.
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