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Explain the provisions of the Income Tax Act 1961 regarding carry forward and set off of business losses?
the amount of loss not so set off shall, in case the business so re-established, reconstructed or revived continues to be carried on by the assessee, be carried forward to the following assessment year and so on for seven assessment years immediately succeeding the relevant assessment year..
What is exempt income?
income
What are Exempt income under income from other sources?
Exempt interest and exempt dividends from qualified municipal bonds.
What is income that is not subject to taxes also called tax exempt income?
what is income that is not subject to taxes, also called "tax exempt income?"
What age are you exempt from filing Income Tax?
You are not exempt from filing for Income taxes based on age. You are exempt from filing taxes based on the income you receive. If your income is over a certain amount you must file.
What income is exempt from garnishment?
SSI income
Is US withholding a Tax-Exempt Income?
It is neither, tax exempt OR income. Qualifies as a foolish question
Is unemployment income is exempt?
No
Is insulation tax exempt?
NO. Insulation material is not exempt from income tax.
If ss disability payments are exempt from a bankruptcy why would your disposable income change if the only added income was from the ss?
Is VA Disability income exempt from bankruptcy income claim?
What taxes are considered tax exempt?
Assuming the question is, What is tax exempt?..."Exempt income" is legally defined in Title 26, CFR Section 861-8T(d)(2)(ii).But, what follows it is probably more important."Income that is not considered tax exempt."Section 861-8T(d)(2)(iii).(Income Not Exempt means taxable income)According to this "code", only "Foreign earned income" is actually considered taxable income.Thus, all income is "exempt", except "Foreign earned income."So, then, have you noticed ... the question is really - What is taxed?.
How many years can personal capital losses be carried forward?
until the losses have been used up against current income
