Finance Forum India

The term “income” under the income-tax act is generally defined as a periodical monetary return with some sort of regularity. It may be recurring in nature. It may be broadly defined as the true increase in the amount of wealth which comes to a person during a fixed period of time. The definition of the term income in section 2(24) of the income tax act 1961, is inclusive and not exhaustive. Therefore, the term income not only includes those things which are included in section 2(24) but also includes such things which the term signifies, according to its general and natural...

  Electronic filing of tax returns has become compulsory for all corporate assessees and for all individual assessees earning more than Rs. 5 lakhs in a year. Today, a significant proportion of the tax assessees in India have come under the ambit of electronic filing of tax returns. Electronic filing is a win-win situation for tax payers as well as the government. With smartphones, Internet, and technology becoming a part of our daily lives, the incorporation of technology in an important transaction like filing of tax returns can offer numerous benefits to all the parties involved in the transaction.   Benefits...