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How to View ITR Processing & Receipt Status ?
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 23, 2012
Every person whose total income for previous year exceeds basic exemption limits are obligated to file their income tax return. Other tha...
Non Performing assets of nationalised banks stand at Rs. 59397 Crore
News & FAQs | By ALOK PATNIA | May 23, 2012
As per The Economic Times report: The government on 22nd May 2012 said, gross non performing assets (GNPAs) of nationalised banks stood a...
Determine Indexed cost of gifted assets with reference to previous owner
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 22, 2012
CIT vs. Manjula J. Shah (Bombay High Court) The assessee’s daughter purchased a flat costing Rs. 50.48 lakhs on 29.1.1993. On 1.2.2003,...
Taxability of Arrear rent received
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 22, 2012
Rent of the prior period received in the current year due to reasons like increase in the amount of rent with retrospective effect etc. S...
Gains from sale of shares through PMS is taxable as business profits
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 22, 2012
M/s. Radials International vs. ACIT (ITAT Delhi) The assessee offered Long term capital gain (LTCG) & Short term capital gain (STCG) ...
Late Fee for Delayed filing of Service Tax Return
GST & Other Indirect Taxes | By ALOK PATNIA | May 22, 2012
All Service tax providers are liable for filing service tax return. Its mandatory required to e-file half yearly ST-3 return within 25 da...
Tax Concession to Non-profit & Cooperative Organisations may be reduced
News & FAQs | By ALOK PATNIA | May 22, 2012
Taxation is done differently of non-profit and cooperative organisations as compared to other profit oriented bodies. Government has give...
FAQ on HRA
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 21, 2012
Can I take advantage, of tax benefits from Home Loan + HRA?                                      Â...
How to Compute Book Profit of Partnership Firm?
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 21, 2012
Partnership is not a separate entity distinct from the partners, but for tax purposes a partnership is an entity. Total income of the Par...
Income from licence of software assessable as Royalty
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 21, 2012
CIT vs. Samsung Electronics Co Ltd (Karnataka High Court) The assessee imported “shrink-wrappedâ€/ “off-the-shelf†software from s...
Maintenance of Books of Accounts & Returns by LLP
Corporate Law & Intellectual Property Rights | By ALOK PATNIA | May 21, 2012
Limited Liability partnerships are also required to maintain certain books of accounts as other businesses require. The Act governing the...
If Payee not assessed, no TDS liability on payer u/s 195
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 21, 2012
Crompton Creaves Ltd vs. DCIT (ITAT Mumbai) Public issue of Global Depository Receipts (GDR) was made by the assessee for the same he eng...
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