INCOME TAX SERVICES

Tax on income earned in a financial year a part of which is taxable as per rates prescribed for that year. We aim at guiding you throughout your tax compliances. Taxation is a specialized area and requires great skill and accuracy. Our experts have the requisite knowledge to carry out tax planning, administration, documentation and representation.

HEADS OF INCOME

Income is categorized under five broad heads/classes where the taxable component of income is ascertained as per the rules for particular head/class of income followed by aggregation for determining total taxable income. These include:

Salaries – Received against services rendered and include wages, pension, fees, commission and taxable value of perquisites.

Income from house properties that comprise income that arises from use of residential/commercial properties. Here, only two prescribed deductions are permitted while computing income.

Profits and Gains from Business/Profession that covers income earned from business/profession that is net of permissible deductions, against revenue earned.

Capital Gains that covers gains which arise from transfer of capital assets and the period of holding determining classification of asset, which then determines manner of taxation. The gains comprise short-term assets and long-term capital assets.

Income from Other Sources that are residuary head/class of income covering any income not specifically dealt with under other heads.