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Taxability of gifts made or received by HUF
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 22, 2011
HUF can be used as a means of effective tax planning. Under the Income Tax Act, 1961 HUF is treated as a separate entity for the purpose ...
No Clubbing of income, if transferred to major child – Individual Taxation
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 22, 2011
Under the Income Tax Provisions, in certain situations, the income of spouse and minor child is combined with that of the individual’s ...
Accrual & Taxability of Dividend Income -Individual Taxation
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 21, 2011
Dividends declared by domestic companies are exempt from tax in the hands of shareholders. This is so because as per the income tax, an i...
Invest in PPF Account – Save taxes and secure future – unit linked plans need to prov...
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 21, 2011
Salaried individuals adopts various ways to reduce taxes by opting new age tax saving tools, which sounds good but may not yield the desi...
Do not pay taxes on sale of personal effects aka TV/Car/Furniture/others
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 20, 2011
Capital Asset & Personal Effects – Capital asserts is a property of any kind held by the person, but specifically excludes the fol...
Taxation of Income of deceased person – Pay Taxes even after death
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 19, 2011
As per the Income Tax Act, 1961 where a person dies, his legal representatives shall be liable to pay any sum which the deceased would ha...
Only Salary/ Interest Income- No need to file Tax Returns upto Rs 5 lakh – Individual taxation
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 17, 2011
If you are a salaried individual, you may be exempted from filing return of income. However this exemption is available to a certain sect...
Exemption in respect of Medical Expenses – Individual Taxpayers
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 17, 2011
One can not plan medical expenses, both in terms of timing and amount and cannot avoid or control such expenses, but the fact that medica...
Audit Requirements – Individual Taxpayers
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 16, 2011
Generally in the minds of individual tax payers, there is lack of clarity with regard to audit requirements and also sense of apprehensio...
Incomes Deemed to be received in the Previous Year
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 16, 2011
As per the Income Tax Act, 1961 following income shall be deemed to be received in the previous year and hence will be included in the ta...
9 common mistakes of Income Tax returns/ Tax Returns
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 15, 2011
These are the common mistakes people make when filing their returns. These mistakes cause you a few headaches like delays in your refund ...
Save tax by opting medical insurance – Sec 80D
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 14, 2011
Section 80D of the Income Tax Act provides for a deduction of Rs. 15,000 to an assessee, being an individual or a HUF. The deduction is a...
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