Set off and Carry forward of losses

Set off of losses means adjusting the losses against the profit/income of that particular year. Losses that are not set off against income in the same year, can be carried […]

Clubbing of income

‘Its all in the family’. It may seem ordinary to invest money for a non earning spouse by way of fixed deposits, or other income earning assets or to set […]

Deduction of Tax at Source

TDS stands for tax deducted at source. As per the Income Tax Act, any company or person making a payment is required to deduct tax at source if the payment […]

Income from salaries

SECTION I – Understanding Your Payslip Basic Salary This is a fixed component in your paycheck and forms the basis of other portions of your salary, hence the name. For […]

Income from House Property

Basics of House Property A house property could be your home, an office, a shop, a building or some land attached to the building like a parking lot. The Income […]

Income exempted from Tax

There are some incomes which do not form part of total income and thus, are also called as income exempt from tax. Such exempted incomes are given under section 10 […]

Residential status and Tax incidence

The residential status of a person is required to be determined for each assessment year in order to determine the scope of total income. The basis of determination of residential […]

Basic concepts of Income Tax

The Income Tax law in India consists of the following components: Income Tax Act, 1961: The Act contains the major provisions related to Income Tax in India. Income Tax Rules, 1962: […]