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Set-Off and Carry Forward of Losses under Income from Other Sources
Set-Off and Carry Forward of Losses under
Income from Other SourcesRelevant Provision: Section
108
1. General Rule — Intra-Head and Inter-Head
Set-OffA loss
computed under Income from Other Sources (e.g., a ...
Clubbing of Income (Spouse & Minor Child) as Applicable to Other Sources
Clubbing of Income (Spouse
& Minor Child) as Applicable to Other SourcesRelevant Provision: Section
99
1. Why Clubbing Matters HereA common
tax-planning instinct is to transfer money or income-generating assets...
Deemed Income — Unexplained Credits, Investments, Money & Expenditure
Deemed Income — Unexplained Credits,
Investments, Money & ExpenditureRelevant Provision: Sections
102 to 106
Meta Description:
1. Why These Sections MatterSections
102–106 are the most litigated co...
Taxation of Gifts — Money & Property Received Without Consideration
Taxation of Gifts — Money &
Property Received Without ConsiderationRelevant Provision: Section
92(2)(m)
1. The Charging Provision — Three
CategoriesSection
92(2)(m) taxes gifts received by any person in th...
Deductions Allowed & Amounts Expressly Disallowed
Deductions Allowed & Amounts Expressly
DisallowedRelevant Provision: Section
93 and Section 941. Section 93 — What CAN Be Deducted
Income Type
Allowable Deduction
...
Letting Out of Machinery, Plant & Furniture
Letting Out of Machinery, Plant
& FurnitureRelevant Provision: Section
92(2)(f) and (g)
1. The Two Charging ClausesSection
92(2)(f) covers income from machinery, plant or furniture belonging to the
assessee an...
Keyman Insurance, Termination Compensation & Life Insurance Proceeds
Keyman Insurance, Termination Compensation
& Life Insurance ProceedsRelevant Provision: Section
92(2)(d), (j) and (l)1. Keyman Insurance Policy — Section
92(2)(d)A Keyman
insurance policy is taken by a business...
Interest Income — Bank Interest, Interest on Securities & Compensation Interest
Interest Income — Bank Interest,
Interest on Securities & Compensation InterestRelevant Provision: Section
92(2)(e) and (i)1. Charging ProvisionsSection
92(2)(e) covers interest on securities not chargeable unde...
Forfeited Advance on Failed Capital Asset Negotiations
Forfeited Advance on Failed Capital Asset NegotiationsRelevant Provision: Section 92(2)(h)1. The ProvisionSection 92(2)(h) taxes any sum received as an advance or otherwise during negotiations for transfer of a capital a...
Winnings from Lotteries, Card Games, Betting & Game Shows
Winnings from Lotteries, Card
Games, Betting & Game ShowsRelevant Provision: Section
92(2)(b)1. The Charging ProvisionSection
92(2)(b) taxes "any winning from lotteries, crossword puzzles, races
including horse r...