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Penalty & Fees for Late Filing of TDS return
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 10, 2012
If you are the one who has not filed the TDS statement or return on time, then it’s time to rush as Finance Minister has made late fili...
Reduction of Securities Transaction Tax ( STT ) to 0.10%
Corporate Law & Intellectual Property Rights | By ALOK PATNIA | Apr 10, 2012
A significant reduction of 20% in Securities Transaction Tax ( STT ) on delivery based cash transactions will provide relief to investors...
Tax Audit limit & 44AD limit Increased – Budget 2012
News & FAQs | By ALOK PATNIA | Apr 9, 2012
Business man and Professionals can now celebrate as budget 2012 has increased the limit for audit of the books of accounts u/s 44AB and u...
Compulsory Filing of Return in case of assets located outside India
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 9, 2012
Filing of Income tax return is compulsorily required if income during the previous year exceeds the maximum amount which is not chargeabl...
All about Income Tax Return-Verification form (ITR-V)
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 7, 2012
Every person whose total income for previous year exceeds basic exemption limits are obligated to file income tax return. Other than Comp...
Deduction on Interest on Saving Account – 80TTA
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 7, 2012
Individuals and HUFs can now claim deduction on Interest on saving account from 1st April, 2013 u/s 80TTA. Section 80TTA has been newly i...
Taxability of Agricultural Income
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 7, 2012
Agricultural Income is exempt from tax if it comes within the definition of “ agricultural income †as given in Section 2(1A). Defini...
Bonus Stripping – Sec 94(8)
Corporate Law & Intellectual Property Rights | By ALOK PATNIA | Apr 7, 2012
Bonus stripping is done in order to avoid tax evasion plans of investors. Â It provides that the loss, if any arising to a person on acco...
Dividend Stripping – Sec 94(7)
Corporate Law & Intellectual Property Rights | By ALOK PATNIA | Apr 7, 2012
Dividend Stripping refers to transacting in shares or securities linked to shares of a company on which dividend is payable. According to...
Double Tax Avoidance Agreement – DTAA
Corporate Law & Intellectual Property Rights | By ALOK PATNIA | Apr 7, 2012
India has comprehensive Double Taxation Avoidance Agreements (DTAA) with 79 countries. This means that there are agreed rates of tax and ...
Registration Of Trust
Corporate Law & Intellectual Property Rights | By ALOK PATNIA | Apr 6, 2012
Section 12AA provides that where any application has been made on or after 1-6-2007, the provisions of section 11 & 12 is beneficiall...
Payment of Advance Tax
Corporate Law & Intellectual Property Rights | By ALOK PATNIA | Apr 6, 2012
  Liability for payment of advance tax. Under section 208, obligation to pay advance tax arises in every case where the advance tax pay...
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