Tamil Nadu Board of Secondary EducationHSC Commerce Class 11th
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Income Tax

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  • Features of Income Tax in India
  1. Levied as Per the Constitution
  2. Levied by Central Government
  3. Direct Tax
  4. Annual Tax
  5. Tax on Person
  6. Tax on Income
  7. Income of ‘Previous Year’ is Assessable in ‘Assessment Year’
  8. Charged at Prescribed Rate(s)
  9. Administered by the Central Government
  10. Applicability
  • Basic Concepts of Income Tax
  1. Assessee
  2. Person
  3. Assessment Year 
  4. Previous Year
  5. Income
  6. Agricultural Income
  • Heads of Income [Sec. 14]
  • Gross Total Income (GTI) [Section 80B (5)]
  • Total Income (T.I.) [Sections 2 (45)]
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