CA Intermediate Exam > CA Intermediate Videos > Taxation for CA Intermediate > Computing and Optimizing Income Tax Liability: Computation of Total Income
Computing and Optimizing Income Tax Liability: Computation of Total Income Video Lecture | Taxation for CA Intermediate
FAQs on Computing and Optimizing Income Tax Liability: Computation of Total Income Video Lecture - Taxation for CA Intermediate
| 1. What is the process for computing total income for income tax purposes? |  |
Ans. To compute total income for income tax, you start by determining your income from various sources such as salaries, house property, business or profession, capital gains, and other sources. After calculating the gross income from each category, you can claim deductions allowed under the Income Tax Act. Finally, by subtracting these deductions from the gross income, you arrive at the total income.
| 2. What are the common deductions available for individual taxpayers in India? | |
Ans. Common deductions available for individual taxpayers include those under Section 80C (investments in specified instruments), Section 80D (health insurance premiums), Section 80E (interest on education loans), and Section 80G (donations to charitable institutions). Each section has specific limits and conditions that must be met to qualify for the deductions.
| 3. How can one optimize their income tax liability effectively? | |
Ans. To optimize income tax liability, individuals can utilize tax-saving investments under Section 80C, make contributions to pension schemes, claim deductions for medical insurance, and ensure proper planning of capital gains. Additionally, considering the tax implications of different income sources and utilizing exemptions available can also help in reducing tax liability.
| 4. What is the significance of the residential status in computing total income? | |
Ans. The residential status of an individual is crucial in determining the scope of total income for tax purposes. Residents are taxed on their global income, while non-residents are taxed only on income earned in India. The residential status is determined based on the number of days of physical presence in India during the previous year and preceding years.
| 5. What are the penalties for failure to file income tax returns on time? | |
Ans. Penalties for failing to file income tax returns on time can include late filing fees under Section 234F, which ranges from ₹1,000 to ₹10,000 depending on the delay. Additionally, if the income exceeds the basic exemption limit and returns are not filed, the taxpayer may face further scrutiny and potential legal consequences, including interest on unpaid taxes and prosecution in severe cases.
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Oct 08, 2025
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