Income from salary is one of the major sources of income for individuals and is subject to income tax. As per the Income Tax Act of 1961, salary income is defined as any payment received by an individual in the course of his or her employment, including wages, gratuity, and retirement benefits. Basis of Charge […]
How to Compute Salary Income for Asstt Year 2023-24 Read More »
Deductions and Exemptions can help reduce your tax liability and increase your refund, but understanding the eligibility criteria, documentation requirements and the process of claiming them can be complicated. In this article, we will provide an overview of tax deductions and exemptions available and how to claim them. Difference between Deductions & Exemptions Deductions are
Understanding Income Tax Deductions and Exemptions Read More »
Cost of acquisition, as defined in Section 55(2) of the Income Tax Act, 1961, refers to the cost incurred by an individual or entity in acquiring an asset. This cost includes the purchase price, as well as any expenses incurred in connection with the acquisition of the asset, such as stamp duty and registration fees.
What is Cost of Acquisition in Capital gains as per Income Tax Act, 1961? Read More »
Income Tax on Sale of Shares : Section 112A provides that notwithstanding anything contained in section 112, a concessional rate of tax @10% will be leviable on the long-term capital gains exceeding Rs. 1,00,000 on transfer of – (a) an equity share in a company; or(b) a unit of a business trust; or(c) a unit
Long Term Capital Gain Tax on Sale of Shares – Section 112A Read More »
Section 54 F : Exemption of Capital gains in cases of investment in residential house Exemption under Section 54F of the Income Tax Act, 1961, the long term capital gains earned by selling a capital asset except a house property can be claimed from tax subject to the given condition. The capital assets comprise bonds,
Exemption under section 54F and 54EC Read More »
Section 45 provides that any profits or gains arising from the transfer of a capitalasset effected in the previous year will be chargeable to income-tax under the head ‘Capital Gains’. Such capital gains will be deemed to be the income of theprevious year in which the transfer took place. Capital gains are generally associated with
How to Calculate Capital Gains? Read More »
Capital gain tax on Sale of Residential Property : Section 54 of Income Tax Act gives relief to a taxpayer (Individual or HUF) who sells his residential property and from the sale proceeds he acquires another residential house. An Individual or HUF who sells a residential property should report such income or loss as Capital
How to Save Capital Gain Tax on Sale of Residential Property? Read More »
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