Home Tag "Basics of Income Tax"

Marginal Relief Under Income Tax Act

Marginal Relief Under Income Tax Act Marginal relief restricts your income tax payable to 40% of the difference between your total income and your exemption limit. Where marginal relief is granted, you receive no further credits on your income. Marginal Relief will only be given to you where it is more beneficial than using your […]

Taxation on Sale of Movable Asset

Taxation on Sale of Movable Asset Movable assets are nothing but physical objects like cars, equipment, manufacturing machines, or other materials. It includes, “corporeal property of every description, except land and things attached to the earth or permanently fastened to anything which is attached to the earth”. In short, we can conclude that it is […]
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