Please Help: Income Tax
Posted Date : 08-Jul-2013 , 01:04:20 pm | Posted By: Ravi K. Khandelwal
Category :
Income Tax | Answers :
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Comments :
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what is the Difference between Deduction avaible under Different heads of Income & deduction under chapter VI A |
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Answers:
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 Answer by: Vikky Kumar Jha |
| Deduction under different head is a available in even after any income in that head.
But Income under chapter VI A is available only if there is GTI.
In case of Loss deduction under different head is available.
But deduction under Chapter VI A is not available.
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| Comments |
| Posted By : SUBHASH KUMAR JHA |
11-Jul-2013, 02:56:12 |
| DEDUCTION AVAILABLE UNDER DIFFERENT HEADS WILL BE AVAILABLE EVEN IF IT WILL COME TO LOSS UNDER RESPECTIVE HEAD BUT DEDUCTION UNDER CHAPTER VIA WILL NOT BE AVAILABLE MORETHAN INCOME (OTHER THAN SPECIAL RATE)
FOR EXAMPLE
OUR INCOME FROM SALARY IS 4000
EXPENSES OF BUSINESS 5000
WE WILL GET ALL DEDUCTION OF 5000 EVEN IF IT WILL COME TO BUSINESS LOSS 1000
BUT
IF YOU TOTAL INCOME 5,00,000
DEDUCTION UNDER CHAPTER VIA COMING TO 5,05,000
YOU WILL BE ALLOWED TO TAKE ONLY 5,00,000 |
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