Thursday, July 18, 2019
Update

Govt extends due date of filing ITR to August 31

Govt extends deadline for filing income tax returns by a month to August 31
Deduction

Deduction from Gross Total Income available to Individual & HUF

From Gross Total Income (being aggregate of income under five heads), assessee can claim several deductions as specified in chapter VIA on fulfillment of prescribed conditions as laid down in the respective section. After allowing these deductions, total income of the assessee is arrived & tax is charged on it at the prescribed rates
Finance Act, 2017

Presentation on Finance Act, 2017

Presentation on Finance Act, 2017 for students of CMA (Inter and Final) and CS (Executive & Final)

Rate of Income Tax for A.Y. 2019-20

Rate of Income-tax applicable to various person for A.Y. 2019-20 are as under
Set off & Carry Forward of Losses

Set off and Carry Forward of Losses

For computation of Gross Total Income (GTI), income from various sources is computed under the five heads of income. If all the sources and heads are having positive income (i.e. profit) then the same can simply be added to compute GTI. However, if certain source(s) or certain head(s) have negative income (i.e. loss) then such loss needs to be adjusted with income of another source(s) or head(s). Set off means adjustment of loss from one source or one head against income from another source or another head
Index

Cost Inflation Index

Cost inflation index (CII), useful in computation of long term capital gain, for different years
TDS

TDS Ready Reckoner

TDS provisions under the Income-tax Act 1961 are enumerated in the post
Tools

Provision relating to Interest Payable under Income-tax Act

In some cases, assessee is liable to pay interest to the income tax department. Few instances of them are sec. 234A, 234B and 234C
Tax Charts

Capital Gain Exemption

As per sec. 45(1), profits or gains arising on transfer of a capital asset shall be chargeable under the head “Capital Gains”. From capital gain so computed, several deductions are allowed as per provisions of sections 54, 54B, 54D, 54EC, 54EE, 54F, 54G, 54GA and 54GB. Provisions of these sections are discussed