FAQs on Computation of Tax

Chapters / List

1. When do I have to pay the taxes on my income?

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2. Under how many heads the income of a taxpayer is classified?

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3. What is gross total income?

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4. What is the difference between gross total income and total income?

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5. How to round off total income before computing tax liability?

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6. Can I claim deduction for my personal and household expenditure while calculating my taxable income or profit?

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7. Most of my income is given away in charity and I am left with just enough money to meet my personal requirements. What will be considered as my income?

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8. My daughter stays in USA. She owns a house in India and has let it out. She has asked tenants to pay rent to me. She has not received any rent. Is she still liable to tax? What if she transfers the house to me?

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9. Is there any limit of income below which I need not pay tax?

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10. How to compute the total tax liability?

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11. How to round off the tax liability?

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12. What is rebate under section 87A for F.Y 2023-24 and who can claim it?

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13. Can a partnership firm or HUF claim rebate under section 87A?

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14. Can a non-resident claim rebate under section 87A?

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15. What is surcharge and how it is computed?

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16. What is marginal relief and how it is computed?

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17. What is minimum alternate tax?

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18. What is alternate minimum tax?

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