The Income Tax Act of India has five heads of income, of which “Income from House Property” is one of them. This article teaches- how to find the income from the home you own or how is income from house property calculated In order to calculate the income from house property, one needs to knowRead More
Tax
What is Annual Value of House Property ?
The Income Tax Act of India has five heads of income, of which “Income from House Property” is one of them. In order to calculate the income from house property, one needs to know the annual value of the property. The annual value of a house property is the basis to calculate income under thisRead More
Section 80C Deductions to Save Income Tax
This article explains how the income tax Section 80c deductions of the Income Tax (IT) Act can help reduce your income tax liability in your yearly financial planning. Though most of us use some of the deductions under Section 80C each year, we might be doing so unknowingly. Read on to understand what are theRead More
5 Heads of Income – Indian Income Tax Act
Income is classified under five heads in the Indian Income Tax Act. Each year, you or your qualified chartered accountant is expected to put all your earnings or incomes under these 5 heads of income for calculating tax. Here is a small primer of what these 5 heads of income mean and what all theyRead More
Long Term and Short Term Capital Gains
Capital Gains is an often heard term in the Indian income tax world. Here is a preliminary article on what the terminology means and what Long term and short term capital gains are. Capital gains arises only when a capital asset is transferred. So if the asset transferred is not a capital asset, it will notRead More
New income tax slabs under Direct Tax Code (DTC)
The new Direct Tax Code (DTC) will come into effect on April 1st 2012. DTC is meant to replace the Income Tax Law 1961. By the time the implementation of the DTC begins, we would have enough time to be excited and subsequently forget the impact of DTC on our income tax slab. This isRead More