BCOC-136 Archives - Page 2 of 2

Explain the provisions of Income Tax Act for an individual, if he is a) Resident b) Not Ordinarily Resident c) Non-Resident.

Explain the Provisions of Income Tax Act for an Individual, if he is a) Resident b) Not Ordinarily Resident c) Non-Resident In India, the taxability of an individual depends on his residential status as per the Income Tax Act, 1961. The Act classifies individuals into three categories: Resident Not Ordinarily Resident (NOR) Non-Resident (NR) 1. […]

Explain the provisions of Income Tax Act for an individual, if he is a) Resident b) Not Ordinarily Resident c) Non-Resident. Read More »

“The income of the previous year is taxed in the current year”. Explain.

“The Income of the Previous Year is Taxed in the Current Year” – Explained In the Indian Income Tax system, income is taxed not in the year it is earned, but in the following year. This concept is based on the principles of the Income Tax Act, 1961 and is important for understanding how tax