When the amount received from the sale of capital asset is less than cost of acquisition plus expenses on transfer can be termed as capital losses. The loss can be earned from any of the Short-Term Capital loss or Long Term Capital loss depending upon the period of holding.
30 November 2021
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Automated Income Tax Arrears Relief Calculator U/s 89(1) with Form 10E for the F.Y.2021-22| a pay structure that can help you reduce your tax burden.
FAQ's on Annual Information Statement
Whether the profit on sale of a car in personal use for 6 years be taxable under provisions of the Income Tax Act, 1961
The AIS is a comprehensive statement containing details of all the financial transactions undertaken by you in a financial year (FY). The TIS is a generation of a Taxpayer Information available in AIS in a simplified format.
Tax planning is a process of analyzing one's financial situation during the year and coming up with various exemptions and deductions that reduces tax liability in a legitimate manner.
Section 153A provides the procedure for completion of assessment in case of a person where a search is initiated under Section 132 or books of account or other documents or any assets are requisitioned under Section 132A after 31st May, 2003 but on or before the 31st Day of March'2021.
Section 43B(a), deduction is allowed on "any sum payable by the assessee by way of tax, duty, cess or fee." The scheme of s. 43B is to allow deduction when the sum is actually paid.
Know everything about Form 16 & 16A of Tax Deducted at Source
Indirect and direct taxes are the two most common types of taxes in India. In India, all taxes must be preceded by legislation passed by both the Parliament and State Legislatures.
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