Clubbing of Income and Loss Set Off
An income of an assessee is taxed in respect of his own income. However in some circumstances the income... Read more
Deduction under Section 80C and Tax Planning
Deduction under Section 80C is a new section which was introduced from the financial year 2005-2006. As... Read more
New Direct Tax Code & Personal Income Tax
Personal income tax in India is one of the highest in the world. The new Direct Tax Code (DTC) aims at reducing... Read more
Income Tax Rebates – An Overview
The total income of an assessee is determined after deductions from the gross total income are made as discussed... Read more
Income Tax filing – Which Form is right for you?
Through Latest Amendments, the Central Board of Direct Taxes (CBDT) has prescribed new return of income... Read more
Assessment of income from House Property
Every money receipt by a person is not chargeable to tax. Section 14 of the Act specifies five heads of... Read more
Income Tax for Senior Citizens
Under the Income Tax Act, a senior citizen is a person who at any time during the previous year has attained... Read more
Income tax on Pension
Pension is described in section 60 of the CPC and section 11 of the Pension Act as a periodical allowance... Read more
Latest in Taxes
- 10/30 Clubbing of Income and Loss Set Off
- 12/30 Deduction under Section 80C and Tax Planning
- 09/30 New Direct Tax Code & Personal Income Tax
- 08/04 Income Tax Rebates – An Overview
- 07/29 Income Tax filing – Which Form is right for you?
- 07/28 Assessment of income from House Property
- 07/28 Income Tax for Senior Citizens
- 07/28 Income tax on Pension
- 05/25 Highest Income Tax Rate Countries – Top 10 List
- 03/20 Wealth Tax Basics
- 03/13 Retirement Benefits in Indian Tax System
Income Tax Penalties for Employers
Failure to deduct tax – Where the employer has failed to deduct tax or when short deduction of tax has been done, following statutory provisions are attracted. Charging of interest u/s… Read more
Overview of Capital Gains
Profits or gains arising from the transfer of a capital asset during the previous year are taxable as “Capital Gains” under section 45(1) of the Income Tax Act. The taxability… Read more
Income from House Property
Under the Income Tax Act what is taxed under the head ‘Income from House Property’ is the inherent capacity of the property to earn income called the Annual Value of the… Read more
Income Tax on Capital Gains
The Income Tax Act specifies that gains/profits that result from the transfer of capital assets are liable to be taxed as income. To understand the concept of tax on capital… Read more
Income Tax Allowances for Salaried Employees
Allowance is defined as a fixed quantity of money or other substance given regularly in addition to salary for meeting specific requirements of the employees. As a general rule, all… Read more
Important Concepts and Procedures under the Income Tax Act
Assessee (Section 2(7)): An assessee is a person by whom any tax or any other sum of money is payable under the Income Tax Act. Assessment Year (Section 2(9)): Assessment… Read more
Income Tax Calculation for FY 2009-10
Income Tax Calculation To calculate the tax to paid for a Financial year, the steps included are : 1) Add all the incomes from different sources to find the Total… Read more
Income Tax filing – Quick overview of deductions
Under Income tax Act, the total income of any individual Indian resident is subject to tax. To calculate the taxable income,the steps are as follows : 1) Determine the Total… Read more
India income tax slabs – explained
As the financial year 2009-10 is approaching its end, we are loaded with the pressure of investments and reduce the Income tax liability. Income tax in India comprises of all… Read more
