Tag: relief under section 89 (1)

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...

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Form 10E: claim relief in tax for salary arrears u/s 89(1)

Form 10E submission is required to claim relief in tax for salary arrears under section 89(1) from financial year 2014-15. In this post, you can get insight about how to submit form 10E online. Form 10E submission and Relief under section 89(1): Before learning procedure to submit form 10E online, Lets understand concept of relief under section 89(1). What is relief under section 89 (1)? Tax is calculated on salary received during the year. Some times employee receives salary in advance or in arrears. When salary is received in arrears, tax rate is higher and you need to pay...

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