S.No. Type of loss to be carried forward to next year(s) Profits Against which loss can be set off in the same year Profit Against which carried forward loss can be set off in next year(s) For how many years loss can be carried forward Is it necessary to submit
Residential status of an Individual Tax Planning in respect of Residential Status by Individual Residential Status of HUF Residential Status of a Firm of Association or Persons (AOP) Residential Status of Company Residential status is very important in Income Tax Act as the determination of tax liability depends much on
1) The property should be consisting of any building or land apparent thereto. Income from letting vacant land is chargeable to tax under “Income from Other source – Section 56” not under this head “Income from House Property – Section 22”. The purpose for which the building is used by
If the following conditions are satisfied, then value of sweat equity shares will be taxable in the hands of employee in the year in which the shares are allotted or transferred to employees. (i) The security involved is either specified security or sweat equity shares. (ii) Such security is allotted
Specified Employees The following person shall be considered as specified employees: – An employee who is a director of company. An employee being a person who has substantial interest in the company i.e. who is the beneficial owner of equity shares carrying 20% or more of the voting rights in
Computing taxable value in case of rent free accommodation or accommodation provided at concessional rate When accommodation is provided by the Government Case I – When unfurnished accommodation is provided Taxable Amount = License Fees – Rent actually paid by employee Case II – When furnished accommodation is provided The
This section is inserted in budget 2018 and is applicable from financial year 2018-19. When a senior citizen receives interest on deposits with a bank a co-operative bank a post office then he is allowed a deduction of such interest up to maximum limit of Rs. 50,000. Also note that
Life insurance is the mostly used tool for getting deduction under section 80C. Tax benefits, minimal risk and insurance benefits make it an all time favourite investment for the general public. The payment of life insurance premium is allowed as deduction under section 80C and also the bonus and maturity
Form 12BB in Excel Format Form 12BB in PDF Format Form 12BB in Word Format Form 12BB of income tax act is required to be filed with the employer if you want him to consider the HRA, LTA, Section 80 and interest paid on home loans under section 24 and
This section is applicable from 1st june 2015. Notwithstanding anything contained in this Act, the trustees of the Employees’ Provident Fund Scheme, 1952, framed under section 5 of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 or any person authorised under the scheme to make payment of accumulated balance