Set off and carry forward of losses As per Income Tax Act 1961, a Person as defined in Section 2(31) can set off and Carry forward the losses incurred. It is a big boon to a Person, because it plays an important role on the financial condition of a Person who has incurred such Losses. […]
Category Archives: Income Tax
Income Tax is the tax which directly levy on income of any personal.Central Board of Direct tax manage all the things related Direct Tax.
Presumptive taxation : ITR 4S ITR 4S is a ITR which is applicable for businesses where income is calculated on ‘presumptive method‘. In simple words the presumptive method lets you report your income as 8 per cent of your gross receipts (as per section 44AD of the income tax act) or as Rs 7,500 per […]
Patent Box Regime for Intellectual Property A Patent Box Regime is a special tax regime for Intellectual Property (IP) revenues. It is also known as IP-Box or Innovation-Box. The concept of Patent Box was first introduced by Irish and French Tax Authorities. In a Patent Box Tax Regime, a lower rate of tax is applicable […]
What should be includes in your income tax returns ? Due Dates for for Non audit assesses income tax return is 31st July approaching fast. While filing the income tax return salaried people only provide copy of the form No. 16 to the person preparing his income tax returns without any further details. This is […]
Applicability of wealth tax from assessment year 2016-17 As per my understanding, wealth tax is not payable from assessment year 2016 in view of amendment brought vide THE FINANCE ACT, 2015 w.e.f. 1st day of April, 2016. After amendment, the applicable charging provision ( from AY 1993-94 to 2015-16), that is sub-section (2) of section […]