Income tax act 1961
This query is : Resolved
10 October 2013
What is the meaning of income chargeable to tax ? Whether it means income above taxable limit or any any other income like interest below taxable limit (i.e Rs. 2000000?
Dintakurthi Tirumala
(Expert)
10 October 2013
The income which is taxable shall be called as income chargeable to tax. For example interest on Bank FD is taxable is called as income chargeable to tax, dividend on equity shares is exempted income it is called non taxable income.
So all the income which is below basic exemption limit(in one word we can say the income which shall be included in gross total income) is called as income chargeable to tax.
For your clarification on income below Rs.200000 is also we paying tax but the tax rate is ZERO.
So the income above basic exemption limit is called as Taxable Income.
OM SAI SRI SAI JAI JAI SAI
So all the income which is below basic exemption limit(in one word we can say the income which shall be included in gross total income) is called as income chargeable to tax.
For your clarification on income below Rs.200000 is also we paying tax but the tax rate is ZERO.
So the income above basic exemption limit is called as Taxable Income.
OM SAI SRI SAI JAI JAI SAI
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- MSME disclosure and disallowance
- Taxation of crypto futures in India Fy 2026- 2027
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- EPF ECR NEW RULES Sep 17th 2026
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
