September 2023

[Section 80TTB]: Deduction in respect of Interest on Deposits in case of Senior Citizens

Deductions /

Section 80TTB of the Income Tax Act, 1961 provides a special deduction to senior citizens in respect of the interest income earned from their deposits. This deduction is applicable only to individuals who are 60 years or above in age. Eligibility Criteria Section 80TTB is applicable to individual taxpayers who are senior citizens. In the […]

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[Section 80U]: Deduction in case of a Person with Disability

Deductions /

Section 80U of the Income Tax Act provides relief to individuals with disabilities by allowing them to claim deductions on their taxable income. This section applies to both resident and non-resident individuals with disabilities. It aims to reduce the financial burden on persons with disabilities and promote their overall well-being. The section outlines the conditions

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Section 72: Carry Forward and Set Off of Business Losses

Set Off or Carry Forward of Losses /

(1) Introduction to Section-72 Section 72, which deals with the carry forward and set off of business losses. This section allows taxpayers to carry forward their business losses and set them off against future profits, reducing their taxable income. Carry Forward of Business Losses Under Section 72, a taxpayer can carry forward business losses for

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Set Off or Carry Forward and Set Off of Losses [section 70 to 80]

Set Off or Carry Forward of Losses /

1.  Section 70: Inter-Source Adjustment – Set Off of Loss from one Source against Income from another Source under the same head of Income (1). Introduction to Section 70 – The Indian Income Tax Act, 1961, provides various provisions for the computation of income and the determination of tax liability. One such provision is Section

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Section 70: Inter-Source Adjustment – Set Off of Loss from one Source against Income from another Source under the same head of Income

Set Off or Carry Forward of Losses /

1.  Introduction to Section 70 – The Indian Income Tax Act, 1961, provides various provisions for the computation of income and the determination of tax liability. One such provision is Section 70, which deals with inter-source adjustment or the set-off of losses from one source against income from another source under the same head of

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Section 71: Inter-Head Adjustment – Set Off of Loss from one Head against income from another Head

Set Off or Carry Forward of Losses /

(1) Introduction to Section-71 (Inter-Head Adjustment) Under the Indian Income Tax Act, 1961, taxpayers are allowed to set off losses incurred under one head of income against income earned under another head of income. This provision is known as inter-head adjustment and is governed by Section 71 of the Income Tax Act. Section 71 allows

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Special Provisions of Set Off of Losses in case of an Individual or HUF who has opted to be Taxed as per Provisions of Section 115BAC

Set Off or Carry Forward of Losses /

Under the Income Tax Act, individuals and Hindu Undivided Families (HUFs) have the option to be taxed as per the provisions of Section 115BAC. This section allows them to avail certain special provisions for set off of losses, which can significantly impact their tax liability. In this blog post, we will explore the special provisions

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‘Income from Other Sources’- Taxability [Section 56 to 59]

Income from Other Sources /

1.  [Section 56(2)]: List of Incomes included under ‘Income from Other Sources’ There are many incomes which are taxable under the head ‘Income from Other Sources’. However, section 56(2) enlists certain specific incomes which shall be chargeable to Income-tax under the head ‘Income from other sources’. These are: (i)         Dividend Income : dividends [including

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[Section 56(2)]: List of Incomes included under ‘Income from Other Sources’

Income from Other Sources /

There are many incomes which are taxable under the head ‘Income from Other Sources’. However, section 56(2) enlists certain specific incomes which shall be chargeable to Income-tax under the head ‘Income from other sources’. These are: (i)         Dividend Income : dividends [including deemed dividend referred to in section 2(22)] Prior to 1.4.2020, the company

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