Frequently Asked Questions
- Is financial year the same as Assessment year?
No it isn’t. Assessment year is the year following the financial year, which is when the tax authorities evaluate your tax statements.
- What is Advance tax?
Advance tax is the income tax that is payable once your income is more than Rs.10,000 in the given financial year.
- Is my Gross Total Income taxable?
No, it isn’t. Your Gross Total Income includes sources that are exempted from tax, and these won’t be included in your net taxable income.
- What is Net Taxable Income?
Net Taxable Income is the portion of your income that is subject to tax, i.e. the Gross Total Income minus various tax exemptions that may be applicable.
- Is my Gross Total Income taxable?
No, it isn’t. Your Gross Total Income includes sources that are exempted from tax, and these won’t be included in your net taxable income.
- What is TDS?
TDS is Tax Deducted at Source, and is usually deducted from the taxable portion of your salary before it reaches you, every month. This is usually mentioned by the company on tax documents.
- Am I eligible to pay tax?
If you’re an individual who earns via salary, house rent, business, profession, hobby and your income is over the taxable limit, you are eligible to pay tax.
- I have Slightly disability. Will I get any tax benifits?
Individuals with a normal to severe disability are eligible for tax benefits. However, the extent of the disability will have to be certified by an authorized medical professional.
- Is financial year the same as Assessment year?
No it isn’t. Assessment year is the year following the financial year, which is when the tax authorities evaluate your tax statements.
- What is Gross Total Income ?
Gross Total Income is the sum total of your income from all sources, including salary, property, royalty, capital gains etc. We will calculate this for you once you enter it all in.
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