Taxblock

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Frequently Asked Questions
 

FAQ's

An exempt income is not charged to tax, i.e., Income-tax Law specifically grants exemption from tax to such income. Incomes which are chargeable to tax only are the part of taxable incomes

Rebate under section 87A is available only to an individual who is resident in India, hence, non-residents cannot claim rebate under section 87A​.​

​ITR stands for Income Tax Return​. It is a prescribed form through which the particulars of income earned by a person in a financial year and taxes paid on such income are communicated to the Income-tax Department. It also allows carry -forward of loss and claim refund from income tax department.​ Different forms of returns of income are prescribed for filing of returns for different Status and Nature of income.

​Any profit or gain arising from transfer of a capital asset during the year is charged to tax under the head “Capital Gains”.​