FTQR | Income Tax | Basic Concepts | Taxable Income | CA | CS | CMA

The | Tax classes | topics covered in this income tax video lectures are:

a. Income

b. Taxable Income

c. Gross Total Income

d. Previous Year

e. Assessment Year

f. Financial Year

g. Exceptions to the previous year

How to compute Taxable Income?

By adding all the five heads of Income

a. Income from Salaries

b. Income from House Property

c. Profits and Gains from Business or Profession

d. Capital Gain

e. Income from Other Sources

Two adjustments

Clubbing of income

Set off and carry forward of losses

Gross Total Income

Less: Deductions under section 80C to 80U

Few specific deductions are:

80C: LIC, PPF, NSC etc

80CCC: Pension plan

80CCD: New Pension Plan

80D: Mediclaim, Health insurance

80DD: Medical treatment of disabled person

80DDB: Medical treatment of specified disease

80G: Donations 80TTA: Deduction of interest

80TTB: Deduction of interest of senior citizens

Total Income

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