Income Tax


Capital Loss: Treatment for Income Tax purposes

At the time of sale of any Asset, if a Short Term/ Long Term Capital Loss arises to a taxpayer; this loss is allowed to be set-off in the same… Read more

Residential Status

Residential Status for the purpose of Income Tax

The determination of Residential Status of a person is very important for the purpose of levy of income tax, as income tax is levied based on the residential status of… Read more


Belated Return: Filing of Income Tax Return after Due Date

Belated Return can be filed at any time before the end of the relevant assessment year or before the completion of assessment whichever is earlier. In simple words, in case you’ve… Read more


Tax on Salary Income, TDS on Salary with examples

Any income received by an employee is chargeable under head “Income from Salaries” and tax on salary is levied in the manner as shown below. Income would be taxable under… Read more


Leave Encashment: Tax Computation of Amount Exempted

While an employee is in service, he is allowed various types of leaves like Medical Leave, Gazetted Holidays, Casual Leaves etc. There are some types of leaves which can be… Read more


Leave Travel Allowance: Tax Exemption of LTA/LTC

Many employers give Leave Travel Allowance (LTA) to their employees which can be claimed if an employee goes on a vacation. This Leave Travel Allowance (LTA) can be claimed when… Read more


How to apply for a PAN Card No online?

This Article provides details on the following What is a PAN Card No. Documents to be enclosed How to apply for a new PAN Card No. online?  Check PAN Card… Read more


Section 80G: Income Tax Deductions for Donations

To promote the concept of charity towards the poor and the needy, the Indian government has been regularly encouraging people to donate and this donation can also be claimed as… Read more


Section 80E: Income Tax Deduction for Education Loan

As per the Income Tax Act, a taxpayer is allowed to claim deduction under Chapter VI-A for the Repayment of Education Loan (Section 80E) and for the Repayment of Home… Read more

Loss from House Property

What is Professional Tax and Professional Tax Slab Rate in India?

Professional Tax is a Tax which is levied by the State on the Income earned by way of profession, trade, calling or employment. This form of tax was first levied… Read more