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Measures to curb Bonus Stripping – Income tax
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 1, 2011
A new section 94(8) has been inserted with effect from assessment year 2005-06 to curb the practice of creation of losses via bonus strip...
Dividend Stripping & Measures to curb it
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 1, 2011
Dividend Stripping is a process by which a investor gets tax free dividend by investing in securities (including units), shortly before t...
New Pension Scheme
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 1, 2011
Government of India in the year 2004 announced a New Pension Scheme. Â Section 80CCD was brought in to provide that where an individual e...
Employee stock option plan (ESOP) – Salaried Individuals
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 31, 2011
An employee stock option plan (ESOP) is a way in which employees of a company can own a share of the company they work for. There are dif...
Common Myths – Tax returns/ ITR/ Online Return filing
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 31, 2011
While we all do tax planning and have become well versed with many provisions of the I-T Act that are relevant to us, there are many beli...
Clubbing of Income – Individual Taxpayers
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 31, 2011
There is a tendency among the tax-payers of the higher tax brackets to divert a part of their income to the hands of their relatives, in ...
Claiming HRA Deductions and Housing loan deductions – Salaried Individuals
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 31, 2011
A number of salaried consumers take a home loan to acquire a residential property, but do not stay in that property for various reasons. ...
Importance of Return Filing/ Tax returns
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 31, 2011
There is a perception among several individuals that having paid taxes via TDS, filing of returns is not important because after all, the...
Perquisite in respect of use and transfer of movable assets
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 30, 2011
The value of benefit to the employee resulting from the use or transfer of any movable asset by the employee (or any member of his househ...
Tax Payers can appeal before Commissioner of Income Tax (Appeals)
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 30, 2011
Under Direct Tax Laws, tax authorities have been given powers to make tax payers comply with their tax obligations and to investigate tho...
List of other Perquisites provided by employers to salaried individuals
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 30, 2011
Rule 3 of the Income Tax Rules prescribes the method of valuation of perquisites taxable in the hands of the employee. Some of these perq...
Valuation of perquisite in respect of Motor Car – Salaried Individuals
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 30, 2011
After the abolition of Fringe Benefit Tax from the financial year 2009-2010, many of the perquisites are again taxable in the hands of th...
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