Objective of this module is to understand the concept of Taxable Income. This is also called Total Income. We go about as follows: Recollect what we did in Step 1 (Categories) Recollect what we did in Step 2 (Total up) Recollect what we did in Step 3 (Deductions) Step 4-Arrive at Taxable Income Step 5- […]
Objective-Taxable Income Read More »
We introduced ourselves to Deductions, and the fact that the Gross Income is not always on which we get taxed, and that some wise or planned payments or incomes give us Deductions.
Conclusion-Deductions Read More »
We aggregate all information and documents on Deductions, and sum of all deductions (categorywise) we are entitled to
How do we go about Deductions Read More »
The payment side These are investment related for instance tax saving instruments, mediclaim, education loans interest and donations. The income side These are earning related for instance on account of interest on savings and deposits.
Varieties of Deductions Read More »
Basics 1- I can’t have my Deductions exceed the Gross Total Income. I can’t get negative income just due to doing an extra spend or payment when I don’t have enough income. Basics 2- Deductions often have a cap under their category Basics 3- Some deductions have a cap related to ross Total Income Basics
Are there any limits on Deductions Read More »
Not all incomes are worthy of getting the benefit of deductions. Incomes in the nature of Capital Gains, Winnings from lotteries and horse races are taxed at defined rates, and I don’t benefit of the wisely planned payments or wisely planned incomes against these kind of incomes.
Are Deductions available against all Incomes Read More »
Deductions are benefits I am entitled to due to some wise direction payments or wisely got incomes. Deductions entitle me to get some reduction from my income, or the Gross Total Income we just discussed. The effect is that my income that’s in the tax box reduces, and I end up paying lesser tax due
What’s a Deduction Read More »
Deductions-An Introduction Objective:The objective of this module is to introduce me to Deductions in Income Tax. We will go about in this manner.What’s a Deduction Are Deductions available against all Incomes Are there any limits on Deductions What are varieties of Deductions How do we go about Deductions Conclusion
Objective: Deductions Read More »
Gross Total Income is important to know, because it determines my eligibility or obligation (as I may prefer to call) to file a return of income.
Conclusion-Gross Total Income Read More »
Sometimes if my other income is not adequate to adjust such negative income, I can take the benefit and adjust in future years. This is called Carry Forward of Losses.
The Carry Forward Times Read More »
