14 Most Common Questions on Set Off and Carry Forward of Losses

Q.1) If income from any source is exempt, then can loss from such source be adjusted against any other taxable income? If income from a particular source is exempt from tax, then loss from such source cannot be set off against any other income which is chargeable to tax. E.g., Agricultural income is exempt from … Read more

How to Calculate Capital Gain on Sale of Shares and Mutual funds?

According to Section 45 of income tax act 1961, Any profits or gains arising from the transfer of a capital asset effected in the previous year shall be chargeable to income-tax under the head “Capital gains”, and shall be deemed to be the income of the previous year in which the transfer took place. Here … Read more

Capital Gains Tax Rates A.Y.2019-20- Download PDFs

Capital Gains Tax is defined under income tax act as profit or gains arising from the transfer of capital assets effected during the previous year is chargeable to income-tax under the head ‘Capital Gains’. So you have to pay income tax on any capital gains during previous year. But income tax will not be charged … Read more

Cost Inflation Index – F.Y.2018-19 CII Announced

The notification no.26/2018 has published on 13th June 2018 to announce the cost inflation index for financial year 2018-19. The cost inflation index for financial year is 280. You can check the following table to know the cost inflation index from F.Y. 2001-02 to F.Y.2018-19. New Cost Inflation Index Table Sr.No. Financial Year Cost Inflation … Read more

List of Capital Gain Exemptions

List of all Capital Gains – Specific Exemptions. You can check the complete detail about capital exemption by visiting the link. Section Capital Gain Exemption Visit Here Link 54 Capital Gain Arising From The Transfer Of Residential House Property Visit Here 54B Capital Gain Arising From The Transfer Of Land Used For Agricultural Purpose Visit … Read more

NHAI, REC & Other Notified Bonds for Saving Income Tax

Nowadays every taxpayer is eager to discover avenues whereby he or she can reduce the tax liability. One of the most celebrated ways to reduce tax is to invest in capital gain bonds. Here we will talk about National Highway Authority of India (NHAI) or by the Rural Electrification Corporation Ltd [or any other notified … Read more