Book-Keeping should not be confused with accounting.The process of accounting begins where the book keeping process ends.I will do point wise discussion Book-keeping Accounting 1. It is recording phase It is summarising phase 2. It is basis for accounting It is basis for business language 3. Persons responsible are called book-keepres Persons responsible are … Read more

I think that the question is not correct. In India individuals were given some threthresholdsold limit of Income . If exceeds an individual will be obligation to pay taxes as per specified rates. For example for assessment yr 2009-10 the exemption limits are as follows. Men Rs 1,50,000 Women Rs 1,80,000 Senior citizen Rs 2,25,000 … Read more

Pension is a periodical payment received by an employee after his retirement and is taxed as salary.Pension is taxable under two heads 1.Uncommuted pension Under this pension is taxable as salary you/s 15 of the Income Tax act in India in the hands of Govt as well as non govt employees 2.Commuted Pension   … Read more