How can I study for income tax?
The two main Income Tax Officer exams in India are SSC CGL and UPSC exams, through either of these you can take the path of becoming an Income Tax Inspector in India….Qualifications Required for an Income Tax Officer.
| Educational Qualifications | Bachelor’s Degree from a Recognized University |
|---|---|
| Qualifying Exam | SSC CGL Exam |
What does income tax law and practice mean?
Under the Income-tax Act, 1961, a Hindu undivided family (HUF) is treated as a separate entity for the purpose of assessment. The levy of income-tax is on “every person”. Therefore, income-tax is payable by a HUF. • “Hindu undivided family” has not been defined under the Income-tax Act.
Which holy book suggest the tax related management practice?
There are references both in Manu Smriti and Arthasastra to a variety of tax measures. Manu, the ancient sage and law-giver stated that the king could levy taxes, according to Sastras. The wise sage advised that taxes should be related to the income and expenditure of the subject.
Is studying tax law Hard?
Although tax lawyers often have more reasonable schedules than corporate or litigation lawyers, tax practice at a law firm still involves long hours and unpredictable demands. Tax is intellectually demanding, and it is difficult to keep up with constant changes and new developments.
What is the minimum salary to pay income tax?
The lower the income, the lower the tax liability, and those who earn less than Rs. 2.5 lakh p.a. are exempt from tax. Individuals who are less than the age of 60 years old. Senior citizens who are above 60 years old and below 80 years of age.
What are the major differences between income tax law and Income Tax Act?
12 October 2010 Income Tax Act is an enactment passed by the Parliament whereas Rules are merely laid before the table of the house. The rules prescribes procedures and cannot go beyond the provisions of Act.
What are the types of tax?
There are two types of taxes namely, direct taxes and indirect taxes. The implementation of both the taxes differs. You pay some of them directly, like the cringed income tax, corporate tax, and wealth tax etc while you pay some of the taxes indirectly, like sales tax, service tax, and value added tax etc.
What is difference between tax planning and tax management?
Tax planning is about planning and filing tax returns, while tax management is about maintaining financial records and taxes. The main purpose of tax planning is to reduce payable taxes to evade burden on the taxpayer, while tax management is about following income tax rules and making timely payments.
Are tax lawyers happy?
According to data collected from Vault’s 2014 Law Firm Associate Survey, a survey of nearly 17,000 associates from over 150 large and mid-sized law firms, out of the 20 practice areas surveyed, tax lawyers are the most satisfied with their jobs. …
How is ITR calculated?
To calculate Income tax, include income from all sources. Income from Salary (salary paid by your employer) Income from house property (add any rental income, or include interest paid on home loan) Income from capital gains (income from sale purchase of shares or house)