Income Tax Concepts Worksheet

Gross Total Income (GTI) means

• Income after deductions under section 80

• Total income before deductions under Chapter VI-A

• Income after tax

• Only salary income

Total Income means

• Gross Total Income – Deductions under Chapter VI-A

• Income before tax

• Only taxable income from salary

• Income excluding capital gains

Loss from house property can be set off against other heads up to

• ₹1,00,000

• ₹2,00,000

• ₹3,00,000

• No limit

Business loss can be carried forward for

• 4 years

• 6 years

• 8 years

• 10 years

Speculation loss can be carried forward for

• 4 years

• 6 years

Loss from house property can be carried forward for

• 4 years

• 6 years

• 8 years

• 10 years

Long-term capital loss can be set off against

• Any income

• Short-term capital gain only

• Long-term capital gain only

• Salary income

Short-term capital loss can be set off against

• Long-term capital gain only

• Any capital gain

• Salary income

• Business income

Deduction under Section 80C is allowed for maximum

• ₹1,00,000

• ₹1,50,000

• ₹2,00,000

• ₹50,000

Contribution to Public Provident Fund qualifies under

• 80D

• 80C

• 80G

• 80E