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It is in the best financial interests of every taxpayer to have a clear grasp of the key essentials of income tax, even if you have back-up help of a CA or tax expert. Here is must-know expert guidance on computing your income and taxes - and trouble-free assessment of your tax returns. In simple, clear style, Mr. Lakhotia provides you expert guidance on:
* How to compute your taxable income from different sources: salary, house property, business, profession, etc.
* Which incomes are taxed - and which are not.
* All the tax-saving exemptions, rebates, and reliefs you are eligble for.
* Deductions you can avail of when computing your total taxable income.
* How different taxpayers are assessed: Individuals, HUFs, Firms, Companies, Non-Residents, etc.
* Procedure for filing an appeal when you think you have been assessed wrongly.
* Penalties and prosecution: when these apply and how to avoid them.
* Procedure of tax refunds - and much, much more.
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