{"id":26185,"date":"2024-02-19T21:34:46","date_gmt":"2024-02-19T16:04:46","guid":{"rendered":"https:\/\/carajput.com\/blog\/?p=26185"},"modified":"2024-06-23T16:58:23","modified_gmt":"2024-06-23T11:28:23","slug":"important-concept-under-income-tax-act","status":"publish","type":"post","link":"https:\/\/carajput.com\/blog\/important-concept-under-income-tax-act\/","title":{"rendered":"Important Concept under Income tax Act"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_58 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<p class=\"ez-toc-title\">Page Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69e566740093b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69e566740093b\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/carajput.com\/blog\/important-concept-under-income-tax-act\/#Important_Concept_under_Income_tax_Act_%E2%80%93_Concept_of_Previous_Year_Assessment_Year\" title=\"Important Concept under Income tax Act &#8211;\u00a0Concept of Previous Year &amp; Assessment Year\">Important Concept under Income tax Act &#8211;\u00a0Concept of Previous Year &amp; Assessment Year<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/carajput.com\/blog\/important-concept-under-income-tax-act\/#How_to_make_Computation_of_income\" title=\"How to make Computation of income? \">How to make Computation of income? <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/carajput.com\/blog\/important-concept-under-income-tax-act\/#Income_is_taxed_in_the_year_that_it_is_earned_in_the_following_situations\" title=\"Income is taxed in the year that it is earned in the following situations\">Income is taxed in the year that it is earned in the following situations<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/carajput.com\/blog\/important-concept-under-income-tax-act\/#Previous_Year_For_Undisclosed_Sources_of_income\" title=\"Previous Year For Undisclosed Sources of income\">Previous Year For Undisclosed Sources of income<\/a><\/li><\/ul><\/nav><\/div>\n<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone  wp-image-23521\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/10\/income-tax-return-is-not-verified.jpg\" alt=\"income tax return is not verified\" width=\"954\" height=\"714\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/10\/income-tax-return-is-not-verified.jpg 640w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2022\/10\/income-tax-return-is-not-verified-300x225.jpg 300w\" sizes=\"(max-width: 954px) 100vw, 954px\" \/><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"Important_Concept_under_Income_tax_Act_%E2%80%93_Concept_of_Previous_Year_Assessment_Year\"><\/span><span style=\"color: #000080;\">Important Concept under Income tax Act &#8211;\u00a0<\/span><span style=\"color: #000080;\"><strong>Concept of Previous Year &amp; Assessment Year<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The financial year that ended just before the assessment year is referred to as the previous year. It is the year that expenses are incurred and money is earned. The year that the tax authorities evaluate and impose taxes on the income received in the preceding year is known as the assessment year.<\/p>\n<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-26159\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/02\/2.jpg\" alt=\"\" width=\"1101\" height=\"313\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/02\/2.jpg 1101w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/02\/2-300x85.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/02\/2-1024x291.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/02\/2-768x218.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/02\/2-800x227.jpg 800w\" sizes=\"(max-width: 1101px) 100vw, 1101px\" \/><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"How_to_make_Computation_of_income\"><\/span><span style=\"color: #000080;\"><strong>How to make Computation of income? <\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The systematic presentation of all gains, exemptions, rebates, reliefs, deductions, and the computation of taxes in relation to tax calculation is known as income computation. While there isn&#8217;t a set structure for this, the following factors are typically taken into account when calculating revenue.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-26164\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/02\/3.jpg\" alt=\"\" width=\"917\" height=\"996\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/02\/3.jpg 708w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/02\/3-276x300.jpg 276w\" sizes=\"(max-width: 917px) 100vw, 917px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Income_is_taxed_in_the_year_that_it_is_earned_in_the_following_situations\"><\/span><span style=\"color: #000080;\"><strong>Income is taxed in the year that it is earned in the following situations<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Normally, any income received in the previous year is assessed or subject to tax in the assessment year that follows. The income is taxed in the year that it is earned, though, under the following situations.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-26162\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/02\/1.jpg\" alt=\"\" width=\"1137\" height=\"1293\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/02\/1.jpg 1137w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/02\/1-264x300.jpg 264w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/02\/1-900x1024.jpg 900w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/02\/1-768x873.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/02\/1-800x910.jpg 800w\" sizes=\"(max-width: 1137px) 100vw, 1137px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Previous_Year_For_Undisclosed_Sources_of_income\"><\/span><span style=\"color: #000080;\"><strong>Previous Year For Undisclosed Sources of income<\/strong><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h2><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-26161\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/02\/11.jpg\" alt=\"\" width=\"1140\" height=\"1516\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/02\/11.jpg 1140w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/02\/11-226x300.jpg 226w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/02\/11-770x1024.jpg 770w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/02\/11-768x1021.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/02\/11-800x1064.jpg 800w\" sizes=\"(max-width: 1140px) 100vw, 1140px\" \/><\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-26160\" src=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/02\/12.jpg\" alt=\"\" width=\"1118\" height=\"529\" srcset=\"https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/02\/12.jpg 1118w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/02\/12-300x142.jpg 300w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/02\/12-1024x485.jpg 1024w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/02\/12-768x363.jpg 768w, https:\/\/carajput.com\/blog\/wp-content\/uploads\/2024\/02\/12-800x379.jpg 800w\" sizes=\"(max-width: 1118px) 100vw, 1118px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Important Concept under Income tax Act &#8211;\u00a0Concept of Previous Year &amp; Assessment Year The financial year that ended just before the assessment year is referred to as the previous year. It is the year that expenses are incurred and money is earned. The year that the tax authorities evaluate and impose taxes on the income &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150],"tags":[2601],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/26185"}],"collection":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/comments?post=26185"}],"version-history":[{"count":3,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/26185\/revisions"}],"predecessor-version":[{"id":26189,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/posts\/26185\/revisions\/26189"}],"wp:attachment":[{"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/media?parent=26185"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/categories?post=26185"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/carajput.com\/blog\/wp-json\/wp\/v2\/tags?post=26185"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}