According to the provisions of Income Tax Act, loss under the head capital gain i.e. capital loss, can be adjusted against the other capital gains. Additionally, the balance amount of loss after adjustment can be carried forward to next year. Let us understand the provisions in detail.
In the interim Budget 2019, Finance Minister has proposed to increase the limit of Fixed Deposit TDS from Rs. 10,000 to Rs. 40,000. However, this amendment is proposed only for the depositors having age below 60 years and no change in case of Senior Citizens.
Yesterday, our Finance Minister Mr. Piyush Goyal presented an interim budget for 2019-20. In the budget presented by him, he proposed to grant full tax rebate on Taxable Income up to Rs. 5,00,000. It is a rebate and not an exemption.
Following changes have been proposed to be implemented from FY 2019-20 for individual Tax Payer perspective.
For Whom? - For people who get an HRA component in their salaries. It can be claimed by an individual tax payer or an HUF. House Rent Allowance is given by employers to their employees to meet expenses if you are living in a rented space. HRA in salaries is claimed under section of income … Continue reading House Rent Allowance (HRA) Taxability & Calculation