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Introduction of Clubbing of IncomeIncomes of other persons to be included in assessee's income1. Transfer of income without transfer of assets u/s 602. Revocable transfer of assets u/s 613. Income of an individual to include income of spouse, minor child etc u/s 644. Clubbing of minor's income u/s 64 (1A)Set - Off and Carry Forward of LossesMeaning of Set-Off and Carry Forward of LossesProvisions Regarding Set-Off of Losses:1. Set-off of loss from one source of income under one head against income from another source of income of the same head 2. Set-off of loss under one head against income under another head 3. Set-off of loss of general business or non-speculation business 4. Set-off of loss of specified business 5. Set-off of losses of speculation business6. Set-off of losses from activity of owing and maintaining race-horses 7. Set-off of losses of lottery, crossword puzzles, card games, gambling, betting etc.8. Set-off of losses of A.O.P/B.O.I. 9. Set-off of losses of firmDEDUCTIONS FROM GROSS TOTAL INCOME OR DEDUCTION UNDER CHAPTER VI A OR DEDUCTION U/S 80C - 80UMeaning of Gross Total IncomeReasons of Deduction u/s 80C - 80USection 80C: List of Investments regarding 80CSection 80CCC: Deduction in respect of contribution in pension fundSection 80CCD: Deduction in respect of contribution to notified pension scheme of central Govt./National Pension SchemeSection 80CCE: The aggregate amount of deduction under section 80C, Section 80CCC and section 80CCD (1) shall not exceed ₹ 1,50,000Section 80D: Deduction in respect of Medical/Health Insurance Premium/C.G.H.S./Preventive health checkupSection 80DD: Deduction in respect of Maintenance including medical treatment of a dependent and a person with disability/handicapSection 80DDB: Deductions of Expenditure on specified diseases for assessee himself and dependent relativeSection 80E: Deduction in respect of Repayment of interest on loan taken for higher studiesSection 80EE: Deduction in respect of interest on loan sanctioned during the year taken for residential house propertySection 80EEA: Deduction in respect of interest on loan sanctioned during the year 2019-20 taken for house propertySection 80EEBSection 80GSection 80GGSection 80UComputation of Total IncomeComputation of Total Income of an IndividualComputation of Tax Liability of IndividualsRounding - off of Total Income & Tax Liability U/S 288A & 288BComputation of Income Tax rates for individualsComputation of Income Tax rates for individuals.Category - 1 Tax rate for Individual whose age is less than 60 yearsCategory - 2 Tax rate for senior citizen whose age is up to or more than 60 yearsCategory - 3 Tax rate for super senior citizen whose age is up to or more than 80 yearsAdvance Payment of tax Or ‘Pay as you earn' SchemeLiability for payment of Advance TaxINSTALMENTS OF ADVANCE TAX AND DUE DATESTax rate of 'Company'Condition for foreign company to be converted in Domestic / Indian company

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