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Tag articles tagged tax guide.
If you run a freelance practice, a shop, a trading business, or any form of self-employment, your profits are taxed under the head 'Profits and Gains from Business or Profession'. Here is a plain-English guide to how the Income Tax Act 2025 computes and taxes that income.
Bank interest, dividends, rental from a car or equipment, and lottery winnings all fall under one income head: Income from Other Sources. Section 56 of the Income Tax Act 2025 covers it. Here is a plain-English guide to what counts, what is deductible, and how it is taxed.
Filing the wrong ITR form can get your return rejected or cause a notice from the Income Tax Department. Here is a plain-English guide to choosing the right form — ITR-1, ITR-2, ITR-3 or ITR-4 — based on your income sources in India.
Sections 15, 16 and 17 of the Income Tax Act 2025 define what counts as salary income, which deductions apply, and how allowances, perquisites and retirement benefits are taxed. Here is a plain-English guide to the rules that determine how much of your pay is taxable.
When your income in one head is less than your loss in another, the Income Tax Act 2025 lets you set off that loss against other income — and in some cases, carry it forward to future years. Here is a plain-English guide to how loss set-off works, what the new regime allows, and what to watch out for.
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