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Basic Concept of Taxation: Created by Cs Rozy Jain
Basic Concept of Taxation: Created by Cs Rozy Jain
INCOME TAX
Assessment Year u/s 2(9) means, the period of 12 months commencing on the 1st
April every year. It is the year (just after previous year) in which income is earned is
charged to tax.
Previous Year u/s 2(34) means, the year in which income is earned.
NOT
NON
RESIDENT ORDINARY
RESIDENT
RESIDENT
On or before 15th September 45% of advance tax less advance tax already
paid
On or before 15th December 75% of advance tax less advance tax already
paid
On or before 15th March 100% of advance tax less advance tax already
paid