Tax Act Blog

Tax deducted and collected at source

DEDUCTION OF TAX AT SOURCE (TDS) LIABILITY FOR TDS Any person responsible for making payment of certain category of incomes is liable to deduct tax at source at an appropriate occasion. The law prescribes...

Set Off & Carry Forward of Losses

INTRODUCTION If income is one side of the coin, loss is the other side. When a person earns income, he pays tax. However, when he sustains loss, law affords him to have benefit in...

Income from others sources

INCOME FROM OTHER SOURCES – BASIS OF CHARGE [Sec. 56] This is the residual head of charge of income. Where a source of income does not specifically fall under any one of the other...

Tax on Capital Gains under the income tax act, 1961

Below is the full explanation of Capital Gain tax under the Income Tax Act, 1961 CHARGING SECTION: 45(1) Any profits or gains arising from the transfer of any capital asset shall be chargeable to...

Profits and Gains from Business or Profession

The income from business and profession is known as profit and gains. While calculating the profit and gains, we deduct various expenses from it. The expenses to be deducted for calculating the gain are...

Income from House Property

In this section we will be discussing the below topics: Annual value is the basis of chargeability under the head income from house property Deemed Owner for a house property Property Income is Exempt...

Agricultural Income and Tax Liability

Agricultural income has been placed in the State list and as such the Central Government cannot levy tax on agricultural income. Sec. 2(1A)provides definition of the term. ‘Agricultural income’ means – (a) any rent...