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Assessment of individual’s income

1. Self-Assessment The assessee himself determines the income tax payable. The tax department has made available various forms for filing income tax return. The assessee consolidates his income from various […]

Income from Capital Gains

Simply put, any profit or gain that arises from the sale of a ‘capital asset’ is a capital gain. This gain or profit is considered as income and hence charged […]

Income from other sources

Income from other sources is a residual category used to classify income that is not classified taxed under any other head of income. Income from other sources must be calculated by the taxpayer […]

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 […]

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