Income TaxIncome tax is a direct tax that a government collects from its citizens. The income tax is calculated upon the net taxable income after accounting for any deductions and is paid net of deductions. Countries generally have different tax slabs based on different in...
In the case of income tax, Exempt income refers to income which though is earned and received during the financial year is not taxable.You gettax exemption on income. The worddeductmeansto subtract or take away for the total. In Income Tax the word deduction, means the amount is taken awa...
Interest on drawings is claimed as business expense in the hands of partners in their itr - Income Tax