income tax calculation

All incomes according to IT act have been divided into 5 major heads to get it taxed in India. If it is falling under any one of these 5 heads then that will be taxable under that head and can not be taxed under any other head. Tax is charged on the total income that is generated during the financial year (previous year) starting from 1st of April to 31st March. Income … [Read more...] about How Taxable Income Is Derived In Income tax