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Taxation System In India

Computation of Total Income

Tax -Managerial & Financial Decisions

Business Tax Management & Procedure

Taxation in Companies

Articles on Tax

Graphical/Chat Presentation-Tax

Deductions From Income

Guide / F.A.Q. On Tax

Tips on Income Tax

Tax @ a Glance

Articles ...

Budget 2011 : Income Tax Benefits

Subsidy Proposal : How The Common Man is Affectted :Budget 2011

Budget 2011-2012 : Some Relief for the Common Man

Late Payment of Service Tax - Penalty Upto 50% of Tax ?

Budget 2011-2012 : How it affects Personal Finance ?

Budget 2011-2012 - Highlight Features & Key Points

Tax @ Glance ..
Taxation System
Tips On Tax
Tax Saving Schemes

>	Finance Act. 2010 ( Highlights)
>	Income Tax Rates / Tax Slabs (AY-2011-2012)
>	Income Tax Rates / Tax Slabs after Budget 2011
>	e-Payment of Tax & e-Filing
>	Exemptions at a Glance
>	Deductions at a Glance
>	Taxable & Non-Taxable Perquisites
>	Leave Encashment & Arrear of Salary
>	Exemptions under Capital Gains
>	Gift-Taxable under Income Tax
>	Gift Tax-An insight to Tax Planning your Gifts
>	Guide to various Tax Saving Schemes
>	Family Tax Planning - Best way to Lower your Tax
>	Choose the Right Tax Return Form
>	Chat Showing Computation of 'SALARY' Income

>	Advance Income Tax with due Dates for Filing Return
>	TDS Table & their Limits
>	Permanent Account Number (PAN)
>	Easy way to calculate your Income Tax
>	Hints for Filing Income Tax Returns
>	Annual Tax Statement (ATS) for TDS
>	Filing of Income Tax Return & their Check List
>	Income Tax Survey - Rights/Duties during Survey
>	How your Return File is Assessed / Scrutinised
>	Rights of an Assessee during Income Tax Raid
>	Reverse Mortgage Loan for Senior Citizen
>	Education Loan - Tax Relief u/s 80E
>	Save Tax on Your Home Loan
	MORE >>

>	Basic Concepts on Tax Systems in India
>	Capital & Revenue
>	Basic of Charges ( Residential Status)
>	Exempted Incomes
>	Tax Holidays
>	Tax Holidady Deductions
>	Tax Rates

>	1. What are the different Heads of Income according to Income Tax Act ?
>	2. Who will have to pay Income Tax ?
>	3. How Income Tax will be charged by the Income Tax Department ?
>	4. Meaning of Assessment Year & Previous Year :
>	5. Income earned against Which Investments are totally Tax-FREE.
>	6. Calculate Income Tax in 6 easy Steps !
>	7. Arrears of Salary - their Tax Implication in Income Tax Act.
>	8. Is Audit of Accounts compulsory for Business ?
>	9. Which Professionals & Businessman have to maintain Books of Accounts ?
>	10. What is e-Payment ? What are the Procedure for Paying Tax Online.
>	11. What are the process of e-Filing of IT Return ?
>	12. Totally Tax-Free Incomes - what are they ?
>	13.What is the Easy Way to Calculate your Income Tax ?

>	14. Qualifying Amount for Deduction u/s 80C
>	15. Which Assets are subjected to Wealth Tax u/s 2(ea) ?
>	16. Which Assets are exempted from Wealth-Tax :
>	17. What are the Due Dates to File your Returns to Avoid Penalty ?
>	18. Depreciation Rates Under Income Tax Act .
>	19. Which Persons should Own or Obtain PAN ( Permanent Account Number) ?
>	20. What is Self-Assessment ?
>	21. What are Tax Saving Schemes eligible u/s 80C ?
>	22. What are the Documents to be prepared by the Assessee in support of the Return ?
>	23. How to Save Tax on your Home Loan ?
>	24. How to choose the Right Tax Returns Form ?
>	25. TDS Table & their Limits.
>	26. 10 Investments under the Taxman's scanner

>	SENIOR CITIZENS SAVINGS SCHEME
>	POST OFFICE TIME DEPOSIT ACCOUNT
>	PUBLIC PROVIDENT FUND (PPF)
>	BANK DEPOSITS
>	UNIT LINKED INSURANCE PLAN (ULIP)
>	LIFE INSURANCE POLICIES (LIC)
>	LIC’S JEEVAN AKSHAY VI
>	PENSION PLANS
>	EQUITY LINKED SAVINGS SCHEME (ELSS)
>	NATIONAL SAVINGS CERTIFICATES
>	TAX SAVING SCHEMES ELIGIBLE U/S 80C

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What is the meaning of ‘Set-Off & Carry Forward’ of Business Losses

3.5. WHAT IS THE MEANING OF “ SET-OFF & CARRY FORWARD ” OF BUSINESS LOSSES?

Set-Off means adjustment of certain losses against the income under other sources in the same assessment year. Carrying Forward of unadjusted losses to be set-off in subsequent years is called Carry Forward.

How to adjust Business Losses ?

If there is a loss in the business, the same can be adjusted against profits made in any other business of the same tax payer. The Loss, if any, still remaining, can be adjusted against Income from any Other Source.

From A/Y 2005-2006 loss from Business cannot be set off against Salary Income.

However, Loss sustained in speculative business can be adjusted only against profits earned in another speculative business.

Business Loss can be carried forward for a maximum period of next 8 (Eight) Assessment Years and adjusted against Business Profit of the subsequent years.

Unabsorbed Depreciation can be Set-Off even if Business/Profession is discontinued and can be carried forward for unlimited number of years.

However, for claiming the benefit of carry forward of losses, the tax payer has to invariably file his returns within due date.

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COMPUTATION OF TOTAL INCOME :

Salaries
House Property
Business or Professions
Capital Gain
Other Sources
Clubing of Income
Set-Off of Losses
Deductions

>	Computation of "Gross Salary"
>	Computation of "Net Salary Income"
>	Allowances Under Section 17(3)
>	'Perquisies' & 'Income Tax' ( Taxable & Exempted)
>	Profit in Liew of Salary
>	Exemption of Amounts Specified in the Income Tax Rules
>	Deductions Under Sec.80C
>	Chat Showing Computation of 'Salary' Income

>	Sec. 22 : Definition of "Income from House Property"
>	Income Excluded from Tax Under " Income from House Property"
>	Computation of Income from 'Let-Out Property'
>	Sec.23(1) : Gross Annual Value
>	Deduction of Municipal Tax
>	Deductions Under Sec. 24
>	Computation of Income from 'Self-Occupied Property'
>	Chat Showing Computation of House Property Income
>	Check List for Assessment of House Property Income

>	Meaning of 'Business' and 'Professions'
>	Expenses than can be Claimed as Deductible Expenses
>	Expenses that are considered 'Expenses not Deductible'
>	Charging Deemed Profits to Tax
>	Meaning of 'Set-Off' and 'Carry Forward' of Business Losses
>	Professional / Businessmen who have to Maintain Books of Accounts
>	Chat Showing Computation of Profits and Gains of 'Business or Professions'

>	Capital Gains - Basis of Charge
>	Rate of Tax - Capital Gains
>	Long and Short-Term Capital Gains Tax
>	Exemptions uder Capital Gains
>	Sec.48 : Computation of Capital Gains
>	Charging of Tax for Short-Term / Logn-Term Capital Gains
>	Chat Showing Computation of Capital Gains
>	Check List for Assessment - Capital Gains

>	Sec.56 : Basis of Charges
>	Deductions from 'Income from Other Sources'
>	Amounts Expressly Disallowed
>	Income From Other Sources – in Nutshell

>	Sec.60 : Transfer of Income without Transfer of Assets
>	Sec.61 : Revocable Transfer of Assets
>	Sec.64 : Inclusion of Income of Spouse, Minor Child , etc. in income of Individual

>	Sec.70 : Set-Off of Loss from one Source against Income from another Source Under the Same Head of Income.
>	Sec.71 : Set-Off of Loss from one Head against Income from another Head
>	Sec.71 B : Carry Forward and Set-Off of Loss Under the Head 'Income from House Property'
>	Sec.72 : Carry Forward and Set-Off of Business Losses
>	Sec.73 : Losses in the Speculation Business
>	Sec.74 : Losses Under the Head 'Capital Gains'.
>	Sec.74a : Losses from Certain Specified Sources Falling Under the Head 'Income from Other Sources'
>	Table showing Set Off and Carry Forward of Losses

>	Deductions in Respect of Certain Payments
>	Deductions in Respect of Certain Incomes
>	Other Deductions

Taxation in Companies
Tax Management & Procedure
Tax Management-Managerial & Financial Decisions

>	Sec.2(17) : Definition of Company
>	Sec.2(26) : Definition of an Indian Company
>	Sec.2(23A) : Definition of a Foreigh Company
>	Definition of Domestic Company
>	Sec.2(18) : Companies of Substantial Interest to the Public
>	Residential Status of a Company
>	Minimum Alternate Tax (MMT)
>	Sec.115JB : Special Provision for Payment of Tax by Certain Companies
>	Computation of Book Profits
>	Analysis of Total Income and Book Profit
>	Amounts Expressly Allowed as Deductions
>	Sec.40A : Amounts Expressly Disallowed as Deduction
>	Sec.35 : Expenditure on Scientific Research
>	Sec.35D : Amortization of Certain Preliminary Expenses
>	Restriction to Deductions

>	Income Tax Authorities
>	Recovery of Tax and Refunds
>	Tax Deducted at Source (TDS)
>	Filing of Returns
>	Tax Planning, Tax Avoidance and Tax Evasion
>	Penalties and Prosecutions
>	Fringe Benefit Tax (FBT)
>	Service Tax
>	Value Added Tax (VAT)
>	Central Sales Tax (CST)
>	Tax Collection at Source (TCS)

>	Tax Management with Reference to Location and Nature of New Business
>	Tax Management with Reference to Deemed Dividend
>	Tax Management with Reference to Lease or Buy Decisions
>	Tax Management with Reference to Repairs, Replacement and Make or Buy Decisions
>	Sec.46 : Capital Gains on Distribution of Assets on Liquidation
>	Sale of Scientific Research Assets
>	Tax Management with Reference to Capital Structure
>	Conversion of Firm/Sole Proprietorship into Company

ARTICLES...

>	Budget 2011 : Income Tax Benefits
>	Subsidy Proposal : How The Common Man is Affectted :Budget 2011
>	Budget 2011-2012 : Some Relief for the Common Man
>	Late Payment of Service Tax - Penalty Upto 50% of Tax ?
>	Budget 2011-2012 : How it affects Personal Finance ?
>	Budget 2011-2012 - Highlight Features & Key Points
>	Pre Budget 2011-2012 - Analysis
>	Budget 2011 Mum on Fuel Taxes Sparks Price Rise Talk
>	Top Corporates welcome Budget 2011
>	No Filing of Tax Returns if Salary is only Income -Budget 2011
>	Income Tax Liimit raised to Rs. 1.8 Lakh -Budget 2011 Highlights
>	Instant Reaction : Economists on Budget 2011-12.
>	Income Tax Rates / Slabs after Budget 2011
>	Compensation Received on VRS or Voluntary Separation
>	10 Thinks You Must Do Before Filing Your Income Tax Return
	MORE >>>

Total Income
Graphical/Chat Presentation

>	Salaries
>	Income from House Property
>	Profits and Gains of Business or Professions
>	Capital Gains
>	Income from Other Sources
>	Aggregation of Income
>	Set-Off and Carry Forward of Losses
>	Deductions to be made in Computing Total Income

>	Leave Salary [ Sec. 10(10AA)]
>	Annuity or Pension [ Sec. 10(1)(ii)]
>	Gratuity [ Sec. 10(10)]
>	Entertainment Allowances [ Sec.16(ii)]
>	Fixed Medical Allowances / Medical Facilities
>	Rent Free Furnished / Unfurnished Accomodation
>	Provision of Gas, Electricity and Water Supply
>	Free or Concessional Educational Facilities
>	Leave Travel Concession
>	Taxability of Provident Funds
>	Computation of Income from House Property
>	Income from Self-Occupied House Property
>	Capital Assets under Capital Gains
>	Capital Gain Computations

VAT
CST
TDS
TCS
FBT
PAN

>	Introductions
>	The Concept of VAT
>	Types of Dealers
>	VAT Terminology
>	Advantages of VAT over Sales Tax
>	VAT Rates
>	Computation of VAT and Profit
>	Items covered in Indian VAT

>	Introductions
>	Inter-State Sale
>	Objectives of the CST Act
>	Conditions for the CST Act to become Applicable
>	Rates of CST
>	Definition of Sale Price
>	CST Transaction Forms

>	Deduction of Tax at Source (TDS)-Meaning
>	Sec.192 : Deduction of Tax from Salary
>	Sec.193 : Deduction of Tax from Interest on Securities
>	Sec.194 : Deduction of Tax from Deemed Dividend
>	Sec.194a : Deduction of Tax from Interest other than Interest on Securities
>	Sec.194b : Winning from Lottery or Game
>	Sec.194bb : Winning from Horse Race
>	Sec.194c : Payments to Contractor and Sub-Contractor.
>	Sec.194d : TDS from Insurance Commissions
>	Sec.194e : Payment to Non-Resident Sportsmen or Sports Associations
>	Sec.194g : Commistions etc. on the Sale of Lotery Ticket.
>	Sec.194h :Commision or Brokerage
>	Sec.194i : Payment of Rent
>	Sec.194j : Fees for Professional or Technical Services

>	Introductions
>	Classification of Sellers for TCS
>	Classification of Buyers for TCS
>	Goods and Transactions Classified Under TCS
>	Certificate of TCS
>	TCS Exemptions
>	Payment of TCS to the Government
>	Electronic TCS ( e-TCS)
>	Filing of TCS Returns

>	Introduction
>	Salient Features of FBT
>	Important Points Relating To Fringe Benefit Tax
>	Characteristics of FBT
>	Classification of 'Employer' for FBT
>	Classification of 'Not Employer' for FBT
>	Direct Fringe Benefit
>	Deemed Fringe Benefit
>	Payment of FBT to the Government
>	Filing of FBT Returns

>	Meaning - PAN
>	Mandatory Requirement to obtain PAN
>	Requirement to Quote PAN
>	Provision of Section 139A are not Applicable
>	Penalty for Non Compliance [ Sec. 272B]
>	Assessee who shuold own or obtain PAN

FAQ On Tax

>	Guide / FAQs on Income Tax in General
>	Guide / FAQs on Taxable Income
>	Guide / FAQs on Payment/Collection of Income Tax
>	Guide / FAQs on to Filing of Tax Return
>	Guide / FAQs on TDS - On Salaries
>	Guide / FAQs on TDS - Other than Salaries
>	Guide / FAQs on Assessment of Income Tax
>	Guide / FAQs on Wealth Tax Return
>	Guide / FAQs on EPF (Employee's Provident Fund)

KEY TERMS...

>	Software technology park
>	Income exempted from tax
>	SEZ
>	Substantial expansion
>	Theme Park
>	Standard rent of a property (SR)
>	Regular Profit
>	Venture capital company
>	Venture capital fund
>	Optimum capital structure
>	Assessee in default
>	Composite dealers
	MORE >>

USEFUL LINKS on Tax, Accounts, Legal

>	Indian Professional Institutions
>	International Accounting Bodies
>	Direct Tax Related
>	Indirect Tax Related
>	Ministry of Company Affairs
>	RBI
>	Seccurities and Exchange Related
>	Insurance Related
>	Supreme Court
>	High Courts
>	Indian Ministries, Government Departments, etc.
>	State's Commercial Tax Department

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The visitors may click here to visit the web site of Income Tax Department for resolving their doubts or for clarifications

Important Links ...
Act	Rule	Download-Free	Act	Related Links of Govt.
Income Tax Act. Wealth Tax Act Gift Tax Act Expenditure Tax Act Interest Tax Act Finance Act	Income Tax Rules Wealth Tax Rules Gift Tax Rules Expenditure Tax Rules Interest Tax Rules Advance Rulling	e-Filling Software Income Tax Return Form All Forms Challan	Pay Tax Online Apply New PAN Online	Government of India Government of India Web Directory Tax Information Exchange System Income Tax India

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