Levy and Collection of GST The Section 9(1) of the GST Act, 2017, states that the GST shall be levied on supply of all goods and services on inter-state and…

Set-off and Carry Forward of Losses According to the Income Tax Act, 1961, the income of an assessee is generally put to tax in his own hands and not in…

Exemptions & Rebates in Taxation Section 10 covers the incomes that do not form the part of the taxable income. These are those incomes on which income tax is exempted.…

Deductions to Be Made in Computing Total Income Before we discuss various clauses of deduction, let us have a clear idea of differences between deductions and exemptions. Table shows differences…

Income From Other Sources Section 56 of the Income Tax Act relates to the provisions of ‘Income from Other Sources’. Under Section 56 (1) of the Act, income of every…

Income From Capital Gains According to Section 2(14) of the Income Tax Act, 1961, unless the context otherwise requires, the term ‘capital asset’ refers to: Property of any kind held…

Profits and Gains of Business or Profession Profits and gains of business or profession are an important part of the total income of an assessee. This is one of the…

Income From House Property According to Section 22 of the Act, house property does not include empty areas. Income received from an empty area is charged either under the head…

What is Salary? Salary refers to a fixed and regular payment that is being paid by an employer to his/her employees usually on a monthly basis. This amount is paid…

Residential Status Under the Income Tax Act, 1961, the scope of taxable income and incidence of tax on any assessee is dependent upon his or her residential status. The residential…