As per the Income tax Act, 1961, all income shall, for the purposes of charge of income-tax and computation of total income, be classified under the following heads of income :
Opinion can be sought as regards to taxability of "Salary", "Perquisite" ,"Profits in lieu of salary" and deductions available under the head "Salary" in the Income tax Act, 1961.
Opinion can be sought as regards to taxability of income from house property , income of co owned house property, Arrears of rent, Unrealized Rent, deemed rental provisions and deductions available from Income from House Property.
The scope of income includable under the head income from business or profession is very wide. In general the profits and gains of any business or profession which was carried on by any person at any time during the previous year is chargeable as Income from business / profession.
Opinion can be sought as regards to legitimate tax planning by minimizing the tax expenses and also whether to pay tax on particular income or not and whether to claim expenses / deduction or not as there are different situations when it prima facie seems an income as non-taxable but the Income tax authorities may treat it as taxable and vice versa. Similarly certain expense / deductions prima facie seems as allowable expenses / deduction but the Income tax authorities may treat it as not allowable and vice versa. Thus, in order to avoid litigations one should must get consultancy related to Income / expenses from Business and Professional activities carried out during the year.
Opinion can be sought as regards to legitimate tax planning by minimizing the tax expenses , the fact that whether the relevant assets is a Capital asset or not, whether the transaction executed or to be executed results in capital gain in the hands of the person and to what extent and also as regards to benefits / exemption available that can be availed after complying the necessary / prescribed conditions in order to reduce the tax burden or to get rid of tax on Capital gain earned.
Opinion can be sought as regards to legitimate tax planning by minimizing the tax expenses , the fact that whether or not any particular transaction results in arising of any income tax payable by the person and deductions available from Income from Other sources.
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