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Income Tax India

 

 

Tax on short-term capital gains​5368 Any capital asset held by the taxpayer for a period of not more than 36 months immediately preceding the date of its transfer will be treated as short-term capital asset. Gain arising on transfer of long term capital asset is called long-term capital gain. In this part you can gain knowledge about various provisions relating to tax on short-term capigal gains.​10/23/2020 4:36:39 PM[As amended by Finance Act, 2020] TAX ON SHORT-TERM CAPITAL GAINS Gain arising on transfer of capital asset is charged to tax under the head “Capital Gains In this part you can gain 4045https://www.incometaxindia.gov.in/Tutorials/Forms/AllItems.aspxpdfFalsepdfTutorial{903058ee-bf1e-4514-bbd4-e628472da78b}9836e9e09d-6d7e-4f5a-97d9-ae6ae6b49bb0https://www.incometaxindia.gov.in
Tax on long-term capital gains​5369 Any capital asset held by the taxpayer for a period of more than 36 months immediately preceding the date of its transfer will be treated as long-term capital asset. Gain arising on transfer of long term capital asset is called long-term capital gain. In this part you can gain knowledge about various provisions relating to tax on long-term capigal gains.​10/23/2020 4:37:52 PM[As amended by Finance Act, 2020] TAX ON LONG-TERM CAPITAL GAINS Gain arising on transfer of capital asset is charged to tax under the head “Capital Gains In this part you can gain 5922https://www.incometaxindia.gov.in/Tutorials/Forms/AllItems.aspxpdfFalsepdfTutorial{903058ee-bf1e-4514-bbd4-e628472da78b}9236e9e09d-6d7e-4f5a-97d9-ae6ae6b49bb0https://www.incometaxindia.gov.in
Deductions allowable to tax payer5417 ​Income-tax Act provides certain deductions to compute the actual taxable income. The nature of deductions from total income is different for each category of income. The document will provide a list of all deductions available to different categories of taxpayers for different categories of incomes and the conditions thereof.10/23/2020 12:47:43 PMSection Nature of deduction Who can claim 25A(2) Standard deduction of 30 per cent of arrears of rent or unrealised rent received All assessees However, if an asset is acquired 7026https://www.incometaxindia.gov.in/Charts Tables/Forms/AllItems.aspxhtmlFalsehtmCharts ＆ Tables{26b89a4f-398f-430e-bccf-2f9843f0620c}3336e9e09d-6d7e-4f5a-97d9-ae6ae6b49bb0https://www.incometaxindia.gov.in
Resident: Benefits allowable5414A resident person is chargeable to tax in respect of his global income. If Income-tax Act enlarges the scope of taxable income of a resident person, it extends certain benefits and privileges to a resident person as well, inter-alia, an option to compute income on presumptive basis, deductions under Chapter VI-A, exemption from TDS and so forth. This document gives a brief introduction to those provisions which provide certain benefits to a resident person, including an Indian Company.10/23/2020 12:47:43 PMAmortization of certain preliminary expenses (Subject to maximum of 5% of cost of the project or capital employed, whichever is more) Incurred before commencement of business or 10https://www.incometaxindia.gov.in/Charts Tables/Forms/AllItems.aspxhtmlFalsehtmCharts ＆ Tables{26b89a4f-398f-430e-bccf-2f9843f0620c}5536e9e09d-6d7e-4f5a-97d9-ae6ae6b49bb0https://www.incometaxindia.gov.in
? Treatment of income from different sources 5431Each income has different source of earning and so the provisions for its taxability. Income-tax Act provides for five heads of incomes for computation of taxable income, viz., Salary, Income from House Property, Income from Business or Profession, Capital Gain and Residual Income. Provisions contained under each head of income for computation of taxable income have been discussed in this document.6/16/2020 9:16:15 AMI. Income under the head Salaries e) Fees, Commission, Perquisites, Profits in lieu of or in addition to Salary or Wages h) Annual accretion to the balance of Recognized Provident 2005https://www.incometaxindia.gov.in/Charts Tables/Forms/AllItems.aspxhtmlFalsehtmCharts ＆ Tables{26b89a4f-398f-430e-bccf-2f9843f0620c}6136e9e09d-6d7e-4f5a-97d9-ae6ae6b49bb0https://www.incometaxindia.gov.in
Compute Capital Gains - 201559366/21/2016 5:06:46 AMTax Payers Information Series - 3 How to Compute Your Capital Gains INCOME TAX DEPARTMENT Directorate of Income Tax (PR, PP & OL) 6th Floor, Mayur Bhawan, Connanght Circus, New 149https://www.incometaxindia.gov.in/Booklets Pamphlets/Forms/AllItems.aspxpdfFalsepdfBooklet{e1af5c4d-1048-48d7-8520-64eb07daf071}1936e9e09d-6d7e-4f5a-97d9-ae6ae6b49bb0https://www.incometaxindia.gov.in
Tax free incomes5365 Section 10 gives list of incomes which are exempt from tax. In this part you can gain knowledge about various incomes which are exempt from tax under section 10. 10/23/2020 4:35:08 PM[As amended by Finance Act, 2020] TAX-FREE INCOMES As per section 10(1), agricultural income earned by the taxpayer in India is exempt from tax As per section 2(1A), agricultural 1706https://www.incometaxindia.gov.in/Tutorials/Forms/AllItems.aspxpdfFalsepdfTutorial{903058ee-bf1e-4514-bbd4-e628472da78b}13536e9e09d-6d7e-4f5a-97d9-ae6ae6b49bb0https://www.incometaxindia.gov.in
TDS Other than Salaries - 201259766/12/2014 10:13:39 AMTAX DEDUCTION AT SOURCE (TDS) OTHER THAN SALARIES INCOME TAX DEPARTMENT Directorate of Income Tax (PR, PP & OL) 6 th Floor, Mayur Bhawan, Connaught Circus New Delhi-110001 Tax 3055https://www.incometaxindia.gov.in/Booklets Pamphlets/Forms/AllItems.aspxpdfFalsepdfBooklet{e1af5c4d-1048-48d7-8520-64eb07daf071}2036e9e09d-6d7e-4f5a-97d9-ae6ae6b49bb0https://www.incometaxindia.gov.in
Deductions allowable to tax payer2941436/22/2020 5:27:12 AMaggregate of the deduction that may be claimed under sections 80C, 80CCC and 80CCD is part of gross qualifying amount for the purpose of deduction under section 80C 132https://www.incometaxindia.gov.in/Documents/Left MenuhtmlFalsehtmOthers{6da74bef-4aea-484a-a870-02587928d7dc}39936e9e09d-6d7e-4f5a-97d9-ae6ae6b49bb0https://www.incometaxindia.gov.in
Circular No.1/2019550941/2/2019 3:30:10 PMUNDER SECTION 192 OF THE INCOME-TAX ACT, 1961 NEW DELHI, the 1 st January, 2019 RATES OF INCOME-TAX AS PER FINANCE ACT, 2018 BROAD SCHEME OF TAX DEDUCTION AT SOURCE FROM SALARIES 153https://www.incometaxindia.gov.in/Communications/CircularpdfFalsepdfCircular2018-12-31T19:30:00.0000000Z2019Circular No.1/2019{8f5119bc-7835-4673-bf0f-3474ae9bd9c6}1198736e9e09d-6d7e-4f5a-97d9-ae6ae6b49bb0https://www.incometaxindia.gov.in