Articles by Ritik Chopra

Section 71: Inter Head Set-Off Of Losses

Posted by Ritik Chopra 21 April 2021 11238 Views

A loss which could not be set off within the same head of income shall be allowed to be set off out of the income of any other head in the same AY, but subject to certain exceptions.

A Guide to Sec 80EE, Sec 80EEA and Sec 80EEB

Posted by Ritik Chopra 21 April 2021 11478 Views

Understanding deduction w.r.t interest on loan for residential house property to a first time buyer (Sec. 80EE), deduction regarding payment of interest on loan taken for certain house property (Sec. 80EEA) and deduction w.r.t the purchase of an electric vehicle (Sec. 80EEB).

Sec 70: Inter Source Set-Off Of Losses

Posted by Ritik Chopra 08 April 2021 20946 Views

In this article, we will discuss how to set off loss from one source against income from another source within the same head of income, i.e., inter source set off [Sec. 70]

Deduction for setting up industries in backward states u/s 80IC

Posted by Ritik Chopra 07 April 2021 11987 Views

Deduction u/s 80IC of the Income Tax Act has been provided by the government to set up industries in specified backward states and to provide a push to the economy.

Underwriting in case of Insurance Companies

Posted by Ritik Chopra 25 March 2021 2379 Views

Insurance underwriters establish pricing for accepted insurable risks. The term underwriting means receiving remuneration for the willingness to pay a potential risk.

Indian Income Vs Foreign Income

Posted by Ritik Chopra 22 March 2021 42316 Views

Analysing the difference between Indian Income and Foreign Income with respect to the Income deemed to Accrue or Arise in India as per the Income Tax Act, 1961.

Deduction under Section 80C

Posted by Ritik Chopra 22 March 2021 4138 Views

Savings play an important role in the economic development of any country. To boost saving habits, an incentive in the form of a deduction out of one's taxable income has been allowed. Discussing Section 80C in that regard.

How to determine Residential status of a Company

Posted by Ritik Chopra 16 March 2021 62559 Views

The residential status of a company is to be determined on the basis of its registration. Discussing Section 6(3) of the Income Tax Act which provides conditions in this connection.

Taxability In Case Of Partly Agricultural And Partly Non-Agricultural Income

Posted by Ritik Chopra 06 March 2021 23308 Views

Discussing how taxpayers can distribute their income in case of agricultural income and non-agricultural income according to Rules 7, 7A, 7B and 8 of the Income Tax Rules, 1962.

How to Determine the Residential Status of an Individual?

Posted by Ritik Chopra 27 February 2021 7028 Views

A person with an American citizenship can still be a resident of India for Income Tax purposes. The residential status of the assessee is to be determined each year with reference to the 'previous year'.