Agricultural Income is exempt from Income Tax, but the Income Tax Act indirectly collects tax on Agricultural income. Applicability: The
Read MoreComputation of Short Term Capital Gain:Note: Securities Transaction Tax paid will not be allowed as deduction in computing Capital Gain.
Read MoreIncome Tax is leviable in India on gains earned on transfer of assets, tangible or intangible depending upon the period
Read MoreShort Term Capital Gain: a) Taxed at normal rates as applicable to various assesses. b) In respect of listed securities
Read More1. Treatment for current year depreciation: Step1: Claim deduction of current year depreciation from business to which it relates. Step2:
Read MoreApplicability: It is applicable to assesses engaged in the business of manufacture / production of any article or a thing.
Read MoreCondition: In order to claim depreciation, the assessee has to fulfill the following conditions- Ownership: The asset shall be owned
Read MoreCondition: The building should be used for the purpose of business or profession during the relevant previous year. Deduction: The
Read MoreItems Chargeable Under the Head Business or Profession (Section 28) Sec. 28 Income under the head business or profession (i)
Read More