Taxation Exam > Taxation Notes > Fast Track Quick Revision Income Tax > Whole Income Tax Preview
Whole Income Tax Preview
| 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. | ||
The document Whole Income Tax Preview is a part of the Taxation Course Fast Track Quick Revision Income Tax.
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FAQs on Whole Income Tax Preview
| 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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Apr 21, 2026 Last updated
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