As per Section 14 of the Income Tax Act, for the purpose of charging of tax and computation of total income, all incomes are classified under the following 5 Heads of Income:- Salaries House Property Profits and Gains of Business...

The rent received from any property (whether commercial or residential) is taxable as Income from House Property and deductions are also allowed from such income. The manner of computation of taxable income from house property and deductions allowed from income...

There have been a whole lot of rumours with respect to Exemption in CA IPCC & CA Final Exams, its applicability, its details etc. To clear all such rumours, Chartered Club has extensively researched on IPCC and CA Final Exemption for CA...

There are various allowances exempt under Section 10 for Salaried Employees like House Rent Allowance, Leave Travel Allowance, Travelling Allowance, Uniform Allowance etc. We have already discussed the following allowances in our previous posts and in this post we would...

The Income Tax Act allows various Income Tax Exemptions for Salaried Employees which are very effective in saving taxes. A salaried employee would be required to intimate his employer that he is claiming these income tax exemptions available for Salaried...

As per Section 139(9), an Income Tax Return is treated as a Defective Return if any of the following 8 documents is not attached with the Income Tax Return. If the Income Tax Officer considers that the Return as a...

A few years back ICAI introduced the Accounting Technician Course (ATC) for candidates interested in becoming normal accountants but not a Chartered Accountant. A Candidate may either specifically register with the Institute of Chartered Accountants of India for pursuing the...

The CA Degree in India is awarded by the Institute of Chartered Accountants of India (ICAI). The Head Office of ICAI is based in New Delhi and it has its Regional Offices in all states in India. A person interested...

CA Students are required to undergo 3 years of articleship in a CA Firm as a part of course curriculum. In these 3 years of articleship, the CA Student may:- Pursue all 3 years of articleship in the same CA...

As part of the CA Curriculum, a CA Student is required to complete 3 years of Articleship Training under a Chartered Accountant who in turn pays him Articleship Stipend for the work done by the CA Student. Recommended Read: Procedure...