Losses in speculation business
Speculative loss: what is it?
A commercial transaction (i.e., the buying and selling of things) that is...
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Computation of business income
Every individual or organisation involved in business endeavours hopes to make money or turn a profit. They offer goods and/or services in return for a fee that will enable them to make a profit.
...Residence in India
A person is considered to have resided in India in any prior year if:-
(a) is present in India througho...
Income from assets kept for religious or charitable reasons
You should know about the benefits of 80g of income tax.
The following revenue sh...
Income tax from house property
The Income Tax Act of 1961 states that income derived from real estate is taxable. Any property's annual worth determines its taxable value, and the owner who earns income from the property is responsible for paying the correspondi...
Vesting of property in central government
The relevant authority may, by notification in the gazette, order any person who may be in possession of the immovable property to submit or deliver possession to the relevant authority or any other person duly authorised in writing by...
Profits and gains of business or profession
One of the income categories included in the Income Tax Act is "Profit and Gains of Business or Profession." The Income Tax Act separates a taxpayer's taxable income into five categories or "heads of income" for...
Definitions of terms like annual charge and owner of house property
A person who transfers any house property to his or her spouse without providing enough consideration, or to a young child who is not a married daughter, without doing so in conjunction with an agreement to live apart, will be assumed ...
Deductions from income from house property
Regarding the following deductions, income charged under the heading "Income from House Property" will be calculated, namely:-
...
Taxable income
Taxable income: What is it?
The fraction of your gross income that is considered taxable is what is uti...