Total Income and Tax Liability of an Individual

Description

Introduction of Clubbing of Income

Incomes of other persons to be included in assessee’s income

1. Transfer of income without transfer of assets u/s 60

2. Revocable transfer of assets u/s 61

3. Income of an individual to include income of spouse, minor child etc u/s 64

4. Clubbing of minor’s income u/s 64 (1A)

Set – Off and Carry Forward of Losses

Meaning of Set-Off and Carry Forward of Losses

Provisions Regarding Set-Off of Losses :

1. Set-off of loss from one source of income under one head against income from another source of income of the same head

2. Set-off of loss under one head against income under another head

3. Set-off of loss of general business or non-speculation business

4. Set-off of loss of specified business

5. Set-off of losses of speculation business

6. Set-off of losses from activity of owing and maintaining race-horses

7. Set-off of losses of lottery, crossword puzzles, card games, gambling, betting etc.

8. Set-off of losses of A.O.P/B.O.I.

9. Set-off of losses of firm

DEDUCTIONS FROM GROSS TOTAL INCOME OR DEDUCTION UNDER CHAPTER VI A OR DEDUCTION U/S 80C – 80U

Meaning of Gross Total Income

Reasons of Deduction u/s 80C – 80U

Section 80C : List of Investments regarding 80C

Section 80CCC : Deduction in respect of contribution in pension fund

Section 80CCD : Deduction in respect of contribution to notified pension scheme of central Govt./National Pension Scheme

Section 80CCE : The aggregate amount of deduction under section 80C, Section 80CCC and section 80CCD (1) shall not exceed ₹ 1,50,000

Section 80D : Deduction in respect of Medical/Health Insurance Premium/C.G.H.S./Preventive health checkup

Section 80DD : Deduction in respect of Maintenance including medical treatment of a dependent and a person with disability/handicap

Section 80DDB : Deductions of Expenditure on specified diseases for assessee himself and dependent relative

Section 80E : Deduction in respect of Repayment of interest on loan taken for higher studies

Section 80EE : Deduction in respect of interest on loan sanctioned during the year taken for residential house property

Section 80EEA : Deduction in respect of interest on loan sanctioned during the year 2019-20 taken for house property

Section 80EEB

Section 80G

Section 80GG

Section 80U

Computation of Total Income

Computation of Total Income of an Individual

Computation of Tax Liability of Individuals

Rounding - off of Total Income & Tax Liability U/S 288A & 288B

Computation of Income Tax rates for individuals

Computation of Income Tax rates for individuals.

Category - 1 Tax rate for Individual whose age is less than 60 years

Category - 2 Tax rate for senior citizen whose age is up to or more than 60 years

Category - 3 Tax rate for super senior citizen whose age is up to or more than 80 years

Advance Payment of tax Or ‘Pay as you earn’ Scheme

Liability for payment of Advance Tax

INSTALMENTS OF ADVANCE TAX AND DUE DATES

Tax rate of 'Company'

Condition for foreign company to be converted in Domestic / Indian company

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