What is income as per the income tax act?

The definition of income as per the Income Tax Act, 1961 begins with the word “Income includes”. Therefore, it is an inclusive definition and not an exhaustive one. This definition does not confine the scope of income but leaves room for more inclusions within the ambit of the term. Section 2 (24) of Income Tax Act, … Read more

Why is it necessary to file income tax returns if I pay taxes?

There’s actually more to your return of income than what meets your eye. A return of income is:  A) a declaration of your income in the prescribed format. The Department and the Country need to know where is this money coming from. Don’t they? Imagine, if there were no returns, then I’d always say I … Read more

What has been your weirdest or most memorable Holi celebration?

My most memorable Holi experience was when I was interning in Switzerland 3 years ago. Holi is one of the most popular festivals in India. But few people know that Holi is very popular in Europe as well. There are many organizations that conduct the festival in different locations all over the year. I had … Read more

What are your best memories and stories of Holi?

I used to live in a small colony and at every festival, all the families of the colony used to come together and celebrate it like one big happy family. This particular Holi, we kids were busy winning the boys v/s girls fight of Holi in one corner of the playground. On the other side … Read more