Income tax
This query is : Resolved
11 August 2011
The rule that the income of the previous year is assessable as the income of the immediately following assessment year has 5 exceptions (for eg income of non-resident from shipping). I am studying from the Vinod Singhania book and it says there that in case of these exceptions, income of a previous year may be taxed as the income of the assessment year immediately preceding the normal assessment year. So in simple terms does it mean that in case of these exceptions, income will be taxable in the previous year itself?
11 August 2011
Yes you are absolutely right. It is taxed in the year in which it is earned.
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