kaushala1's Posts - Page 5

Fast track quick revision of Residential Status

The objective of this video is to to do revision of chapter residential status. Those students who have already studied residential status in detail shall find this video very useful. 1. Learn, understand and Memorise sections of residential status...

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Posted Under: Income Tax |

Passed 12th in commerce ! What are the careers options?

What after 12th commerce…Insight into varied careers for 12th passed commerce students This video shall help 12th passed commerce students to chose the best course in accordance with their abilities and interests. Commerce students are fortunate of having chosen commerce in their 11th standard because it opens the door to many lucra...

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Posted Under: Income Tax |

How to subtract date from date without using excel or any other programming

Common sense way of subtracting 2 dates. At many places students are required to compute number of days, months and years between 2 dates. For example in computing exemption of gratuity duration of service is required. I have seen student calculating duration of service in fingers....

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Posted Under: Income Tax |

Set off and carry forward of losses – Quick Revision

Kaushal Agrawal Fast track quick revision of set off and carry forward of losses of Indian Income Tax act 1961.  Section 70 to 80 deals with set off and carry forward of losses. As per section 70 losses can be set off within their own head. Section 71 allows losses to be set off with […]...

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Posted Under: Income Tax |

How to know if Agricultural land is situated in urban area or rural area?

Finance Act 2013 has changed the meaning of urban area in relation to agricultural land. The definition of urban area is reflected at 2 places in Income tax act. 1. Capital Asset. Where it says that agricultural land not situated in urban area is not a capital asset. Hence no capital gain can arise....

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Posted Under: Income Tax |

Analysis of Rebate under section 87A of Income Tax Act, 1961

Kaushal Agrawal Full analysis of Rebate under section 87A introduced by Finance Act 2013. Here we have explained why section 87A was introduced. This video also contains different practical questions on section 87A. To quote section 87A it says that resident individual can claim rebate of upto Rs. 2,000 if his total income do not [&hellip...

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Posted Under: Income Tax |

Constitution of India and Income tax

1. Do you know from which document Govt. derives power to levy income taxes? 2. Do you know which Govt. has the power to levy tax on income? 3. Everyone knows Govt. can levy taxes only by making law. But which article of the constitution gives power to do so?...

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Posted Under: Income Tax |

Why paragraphs are called sections in any Act?

Kaushal Agrawal This series shall help you understand how the law is written. It is written in numbered paragraph and numbered sub para. Why there is need to number each paragraphs. How law is enacted in India by Central Govt. What is written in section 1. What is written in section 2. What is written […]...

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Posted Under: Income Tax |

How to memorise chapter names and section numbers of Income Tax Act 1961?

Kaushal Agrawal This video shall help you to memorise chapter names and section numbers of income tax act 1961 in a very easy manner. There might be certain chapters and sections which I have left out intentionally. This lecture is meant for those students who have just started learning and studying tax. A first time […]...

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Posted Under: Income Tax |

Charging section and meaning of service (Fast track quick revision service tax part 2)

Charging section u/s 66B. Charging section is heart of every taxation act. Section 4 in income tax act. Section 3 in Excise. Section 12 in Customs, Section 6 in CST. Section 66B in service tax. Anybody who is interested in understanding and studying taxation subject should start with charging section. ...

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Posted Under: Income Tax |