Gross Total Income

Interest Incomes which are Exempt under Section 10(15)

Income Tax Concept / ,

Interest incomes which are exempt under section 10(15) could be explained with the help of the following table- Section Income Exemption to 10(15)(i) Interest, premium on redemption, or other payment on notified securities, bonds, certificates, and deposits, etc. (subject to notified conditions and limits) All assesses 10(15)(iib) Interest on notified Capital Investment Bonds notified prior […]

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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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[Section 56(2)(i)] : Taxability of Dividend under Income from Other Sources

Income from Other Sources /

Understanding of Section 56(2)(i) In India, the taxation of dividends is governed by the provisions of the Income Tax Act, 1961. Section 56(2)(i) of the Act specifically deals with the taxability of dividends received by individuals and other entities. It is important for taxpayers to understand the implications of this section in order to comply

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