WebApr 29, 2024 · The term "Perquisite" has a known normal meaning, namely, a personal advantage, which would not apply to a mere reimbursement of necessary disbursements. 12 Before a person could be said to have obtained a benefit or perquisite from a company, there should be some legal or equitable claim, even though it be contingent or contested in … WebWhat an individual pays in income tax is subject to what that person's income is. Some terms are essential in understanding income tax law. "Gross income" can be generally …

Gross Total Income(GTI) [Section-80B(5)] : Definition under I.Tax

WebApr 1, 2024 · The “assessee” under the Income Tax Act, 1961 is a person by whom any tax/ other dues are payable under the Act, i.e. income-tax is to be paid by a ‘person’. Therefore deciding the ‘type of person’ under the Income Tax Act is all the more important, as there are different set of tax rules/ rates which are applicable to respective category. WebIn U.S. business and financial accounting, income is generally defined by Generally Accepted Accounting Principles (GAAP) and the Financial Accounting Standards Board as: … eagle rock tri cities wa

Teilung 17(1) – Definition of Salary under the Income Tax Act

WebFeb 19, 2016 · Income, in general, means a periodic monetary return which accrues or is expected to accrue regularly from definite sources. However, under the Income-tax Act, … WebFeb 6, 2024 · The presumptive taxation scheme was introduced by the Income Tax Act, 1961 to give relief to small taxpayers from the tedious job of maintaining books of account and from getting the accounts audited. Generally, a person who receives income from a business or profession maintains books of accounts and prepares a balance sheet to … WebThe definition of gross income reads as follows: "gross income", in relation to any year or period of assessment, means (i) in the case of any resident, the total amount, in cash or otherwise, received by or accrued to or in favour of such resident; or eagle rock va weather forecast