Category: income tax

Set off and carry forward of Losses: The ultimate Guide

Set off of losses means adjustment of losses against income earned for the financial year and carry forward of losses means any unadjusted losses for one financial year adjusted against income of subsequent financial year. There are in all 5 heads of income under the Income Tax Act viz., 1.Income from salaries 2.Income from house property 3.Income from business or profession 4.Income from capital gains and 5.Income from other sources. The Income Tax Act has prescribed rules to set-off losses against income from different source under one head of income and also to adjust loss from one head against...

Read More

TCS on Cash Sale: 11 Important Points to KNOW

Tax collected at source on cash sale ( TCS on cash sale) under section 206C is effective from 1st June, 2016. Here are the most important points related to TCS you should consider while doing sale or purchase transactions. Meaning of TCS on cash sale: ( Section 206C) TCS is covered under section 206C of income tax act,1961 TCS is short form of tax collection at source A sum equal to the statutory percentage of purchase price is collected by the seller/collector from buyer/lessee/payee.Every person,being seller,shall collect tax at source from the buyer of goods specified in section 206C...

Read More

How to save taxes by Gifting or spending money for Family

How to save taxes ? Well most of us look into alternate ways to save the amount of tax we pay to the government. We search through exemptions and rebates. But have you ever thought your family members can help you in saving taxes. Yes there are certain exemptions in tax rules through which you can gain exemption over the money you spend for them. However there are rules and regulations governing them so make sure you read through it with attention.   HOW to SAVE TAXES by Gifting Or Spending money for your Family Members   Pay rent...

Read More

32 Income tax rules applicable for FY 2016-17

There are huge changes in income tax rules applicable for FY 2016-17 due to budget 2016-17 changes. In this post, I have covered all the changes in short. Income tax rules applicable for FY 2016-17: No change in income tax slab for FY 2016-17. Basic exemption limit is same Rs.2,50,000 for non senior citizen and Rs.3,00,000 for senior citizen. There is no change in income tax rate for fy 2016-17. Additional deduction of Rs.3000 is available u/s 87A. Now,  Section 87A will provide Rs.5000. Rate of surcharge is increased from 12% to 15% for income more than Rs. 1...

Read More

6 Changes in income tax return form ( ITR form) for FY 2015-16

Income tax return filling for FY 2015-16 has been started. Some major changes in income tax return form for FY 2015-16  have been introduced by government of India. It increases burden on Taxpayers on some extent but will increase transparency We will cover all these changes in this post.   Changes in income tax return form for FY 2015-16:   Introduction of NEW  ITR 2A form : New form ITR 2A is introduced for individual / HUF to report income other than capital gains, business income, foreign income or foreign asset or who is not claiming relief under section...

Read More

Search Tax Masala

Custom Search

Subscribe to Blog via Email

Join 3,316 other subscribers