Taxability of capital gains depends on the nature of capital asset which can be either long term or short term. nature of capital asset is determined on the basis of its period of holding since date of acquisition.
to give relief to small transporter, income tax allow them to compute their income from business of paying, hiring or leasing of goods carriages on presumptive basis. an assesses opting for presumptive scheme is not required to maintain regular.
to give relief to small assesses, income tax allow them to compute their income from business on presumptive basis. an assesses opting for presumptive scheme is not required to maintain regular books of account.
Tangible and intangible assets used for purpose of business is subject to depreciation at specified rates. an additional depreciation is also allowed to certain entitles on certain entitles on certain tangible assets subject to fulfilment of some condition.
Use of own car or employer’s car for personal purpose or partly for personal or partly for official purposes is a taxable perquisite the valuation of such perquisite is depend on certain fectors i.e capacity of car, usage of car etc.
Employees taking interest free loan or at concessional rates from the employer are taxable on the perquisite of such benefits, the taxable perquisite is computed at the rate of interest charged by SBI for similar loan.
Deduction under section 80C is allow to an individual for investment made by him in life insurance plans, tuition fee, housing loan repayment etc, maximum deduction of Rs 1,50,000 is allowed to a taxpayer under the provision.
National saving certificates are issued with a mixed maturity period. the tenure of a NRC Certificate is 5 to 10 years fore the NSC VII issued and NSC IX issue respectively. However NSC IX issue has been discontinued with effect from 20-12-2015.
Capital gains from sale of a long terms capital asset is calculated after reducing the indexed cost of acquisition/improvement from the sales consideration. indexed cost is calculated after adjusting impact of inflation on the cost of acquisition.
Levy of income tax is depend on the residential status of the person. residential status of taxpayer is determined in accordance with section 6 of the income tax act which can be NRI, a RNOR an ordinary resident of india.