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Capital Asset-2(14)
Capital Asset means assets not connected with business or profession or used for personal use or prescribed securities. Usually capital assets will be used for a period more than one year. Sale proceeds from capital assets constitute Capital Gain.
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Books or Books of Account-2(12A)
Books or books of account” includes ledgers, day-books, cash books, account-books and other books,used to keep accounting records
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BlOCK OF ASSETS-2(11)
Block of Assets is used for charging same rate of depreciation to a particular class of assets having same or similar characteristics. Income Tax Act has prescribed different rates for charging depreciation for different blocks of assets such as buildings,intangible assets,etc…Depreciation is charged mainly for the purpose of computing Capital Gain
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ANNUAL VALUE-2(2)
Annual value is determined to compute income under the head Income from House Property,the Gross Annual Value (GAV), also called just the Annual Value, of a property is used in calculating the tax or rent which should be applied to the property
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AMALGAMATION-2(1B)
Amalgamation”, in relation to companies, means the merger of one or more companies with another company or the merger of two or more companies to form one company (the company or companies which so merge being referred to as the amalgamating company or
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Tax Slab Rate of Senior Citizens
Find Out – Tax Slab Rate of Senior Citizens(60-79)
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Hidden Benefits of housing loan you must read
Housing loan, in first instance it is like a burden to repay a certain amount to be paid in periodical intervals even though it is used for construction/purchase of house. But, when it comes to Tax calculation it will be beneficial to tax payer that, he can deduct the interest paid on account of housing…
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Take advantage from housing loan interest!!
According to Income Tax Act, 1961 a person receiving income from house property can deduct certain amount under section 24 as standard deduction (other than municipal tax paid in the case of let out property) from the income from house property. Standard deduction prescribed under section 24 is as follows In the case of…
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Deductions allowed from Income from House Property?
Any income received in related to house property is taxable. According to Income Tax Act, 1961 a person receiving income from house property can deduct certain amount under section 24 as standard deduction (other than municipal tax paid in the case of let out property) from the income from house property.