FAQ

1. What is section 54 of Income-tax Act? Section 54 of Income-tax Act provides exemption in respect of long term capital gain which arises during sale/transfer of residential house property. 2. Can I claim exemption under section 54 in respect of short term capital gain? No, exemption under section 54 can be claimed only on […]

1. What is tax audit? 2. Who are required to get their books of accounts audited under section 44AB? 3. Am I required to get my accounts audited under income tax law if it is already audited under any other law? 4. What are Form Nos. 3CA/3CB and 3CD? 5. What is the due date

1. What are the five heads of income? Different heads of income as per section 14 are, 2. What are the means of collecting taxes by the Government? Taxes are collected through the following means: 3. When should income tax be paid? Income tax can be paid only after the completion of the previous year.

1. What is an Income Tax returns (ITR)? It is mandatory for every taxpayer to intimate the details of his income to the Income-tax Department. These details are communicated to the IT department through forms known as Income tax returns (or) return of income. 2. What are all the notified income tax return forms? 3.