Tag: Tax Liability on Total Income

Computation of Tax Liability on Total Income for the Assessment Year 2020-21

Assessment of Search, Seizure and Survey of Business or Charitable Trust

1. Assessment of Search and Seizure – Section 132 under Income Tax Act. (A) Authority who can issue order for Search and Seizure: Search and seizure can be authorised by— the Principal Director General of Income Tax/Director General of Income Tax, or the Principal Director of Income Tax/Director of Income […]

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Assessment of Individual with Computation of Tax Liability

1. Assessment of Individual An individual means a natural person i.e. human being. Individual includes a male, female, minor child and a lunatic or an idiot. In the case of male/female who is a major, income-tax will be levied on his/her Total Taxable Income separately, unless the income is to […]

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Assessment of AOP/BOI with Computation of Tax Liability

1.  Assessment of Association of Person (AOP) / Body of individual (BOI) AOP or BOI does Not include— a company; a co-operative society; a society registered under the Societies Registration Act, 1860 or under any other law corresponding to that Act in force in any part of India. An AOP […]

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Assessment of Firm with Computation of Tax Liability

1. Assessment of Firm Legally, a partnership firm does not have a separate entity from that of the partners constituting the firm as the partners are the owners of the firm. However, a firm is treated as a separate tax-entity under the Income-tax Act. Though the limited liability partnership is […]

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Assessment of Trust with Computation of Tax Liability

1. Formation of a Charitable & Religious Trust (1). Meaning of Trust A” Trust” is an obligation annexed to the ownership of property, and arising out of a confidence reposed in and accepted by the owner, or declared and accepted by him, for the benefit of another, or of another […]

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Assessment of Company with Computation of Tax Liability

1. Company Taxation-Meaning and Definition Corporate sector is the most widely used form of business Organisation particularly for medium and large-scale business. Under corporate sector, a business is carried on by floating a company duly registered with appropriate authority. Corporate taxation refers to taxation of companies (as defined under Income […]

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Deductions in respect of certain Incomes under Chapter VI-A

1. [Section 80-IA]: Deduction in respect of Profit and Gains from Industrial Undertaking or Enterprises engaged in infrastructure Development (1) Eligibility of Deductions U/s 80-IA The deduction under this Section 80-IA is available to an assessee whose Gross Total Income includes any profits and gains derived by: (1) Any enterprise […]

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Deductions in respect of certain Payments and Investments

Meaning and Basic Rules of Deductions from Gross Total Income The aggregate of income computed under each head, after giving effect to the provisions for clubbing of income and set off of losses, is known as “Gross Total Income”. In computing the total income of an assessee, certain deductions are […]

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Carry Forward and Set Off of Losses for Gross Total Income

If the losses could not be set off under the same head or under different heads in the same assessment year,  such losses are allowed to be carried forward to be claimed as set off from the income of the subsequent  assessment years. All losses are not allowed to be […]

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