Taxation Exam  >  Taxation Notes  >  Fast Track Quick Revision Income Tax  >  Whole Income Tax Preview

Whole Income Tax Preview | Fast Track Quick Revision Income Tax - Taxation PDF Download

Heads Salary House
Property
PGBP Capital Gain Other Sources
Sections 15 to 17 22 to 27 28 to 44D 45 to 55A 56 to 59
Nature of
Income
(Charge
ability)
15 22 28 45 56
ER & EE
relationship
Annual
value of
building
Profit on
sale of SIT
Profit on
transfer of
capital asset
If income is
not charged
under first 4
head
In which
year
income is
recognised
to tax
(Taxable
event)
Due or
receipt
whichever
matures
earlier
Annual
Value
Method of
accounting
followed by
the assessee
(145)
In the year
of transfer
Method of
accounting
followed by
the assessee
(145)
Nature of
expenses
Only
specified
expenses
are allowed
as deduction
which are
only 2
PT + EA
Only
specified
expenses
are
allowed as
deduction
which are
only 3
MT + SD +
Int
Expenditure
incurred
for the
purpose of
business or
profession.
(many
expenses)
Only
specified
expenses are
allowed as
deduction
which are
only 3
COA + COI
+ TE
Expenditure
incurred for
the purpose of
earning such
income
(many
expenses)
Compu
tation of
Income.
Exempted
income
specified
u/s 10
do not
form part
of TI
17 – 16 23 – 24 +
25AA +
25B
28 – (30 to
36 + 37)
subject to
section
40 to 43B
(restriction)
 FVC xx 56 – 57
subject to 58
(restriction)
(–) COA xx
(–) COI xx
(–) TE xx
CG xx
Rates of
Tax
 Normal
Income
 Normal
Income
 Normal
Income
 • LTCG
• STCG
STT
STCG Lottery
TV
games
etc
 Other
income
Normal
Income
Ind / HUF Slab Down
Company Flat 30% / 40% Special
Income
Normal
Income
Casual
Income

 Normal Income

LTCG 20%
STCG STT 15%
Causal
Income
30% flat
Set off
and
carry
forward
of losses
No losses
arises
Can be
set off
with any
head of
income
Can be
set off
with any
head of
income
except
salary
(Spec
Loss
only with
SP)
LT with LT
ST with both ST
and LT
Can be set off
with any head of
income. However
lottery losses
cannot be set off
with any heads.

 

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FAQs on Whole Income Tax Preview - Fast Track Quick Revision Income Tax - Taxation

1. What is income tax?
Ans. Income tax is a tax imposed by the government on the income earned by individuals and businesses. It is a percentage of the income and is used to fund various government programs and services.
2. How is income tax calculated?
Ans. Income tax is calculated based on the taxable income, which is the income after deducting any allowable deductions and exemptions. The tax rates vary depending on the income brackets set by the government. Taxpayers are required to file their tax returns and calculate their tax liability based on these rates.
3. What are the different types of income that are subject to income tax?
Ans. Various types of income are subject to income tax, including salaries and wages, business income, rental income, capital gains, dividends, and interest income. Each type of income may have different tax rules and rates that apply.
4. What are the deductions and exemptions that can reduce my income tax liability?
Ans. Deductions and exemptions are provisions in the tax law that allow taxpayers to reduce their taxable income, thereby lowering their tax liability. Common deductions include expenses related to education, healthcare, and charitable donations. Exemptions may be available for dependents or specific circumstances.
5. What are the consequences of non-compliance with income tax laws?
Ans. Non-compliance with income tax laws can result in penalties and legal consequences. These may include fines, interest on unpaid taxes, and even criminal charges in cases of tax evasion. It is important to fulfill tax obligations and file accurate and timely tax returns to avoid these consequences.
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