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Provisions for clubbing of salary, commission, fees or any other remuneration of spouse
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 30, 2011
A lot of confusion persists among the taxpayers about the income required to be clubbed and the method of clubbing. So here are the provi...
Provide full bank account details to receive refund directly in your bank account
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 30, 2011
Most of the people eagerly wait for their tax refund cheque after filing the income tax return. But now are the days gone when you will h...
Valuation of perquisite – Interest free loan or loan at concessional rate of interest provided ...
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 27, 2011
If Interest free or concessional loan is given to an employee (or to any member of his household) is chargeable to tax as a perquisite to...
File your tax returns after checking your tax credit online
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 27, 2011
The Income Tax Department has now provided the facility to check the tax credit statement (Form 26AS) online and take corrective measures...
Prefer e-filing for filing of your tax returns for FY 2010-11
News & FAQs | By ALOK PATNIA | May 27, 2011
“Sahaj†and “Sugam†are the two Income tax forms introduced to simplify return filing. As the very name suggests “Simplicity Ev...
Valuation of Accommodation provided to an Employee in a Hotel
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 27, 2011
Taxable perquisites include the value of rent free accommodation or accommodation at concessional rent provided to an assessee by his emp...
Capital Gain Tax on Transfer of Immovable Property
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 27, 2011
The Income Tax Act, 1961 (the Act) contains specific provisions regarding taxing of capital gains arising out of sale of property. It is ...
Valuation of Rent Free Residential Accommodation provided to Employees other than Government Empl...
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 27, 2011
‘ For perquisites taxable in the hands of the employee for the purpose of taxation, the employee is the “assesseeâ€. As a genera...
Valuation of rent free residential accommodation in case of government employees
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 26, 2011
Method of valuation of rent free residential accommodation is governed by Rule 3 of the Income Tax Rules. However, in case the accommodat...
Long Term Capital Gains on sale of equity shares or units of equity oriented funds – Exempted f...
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 26, 2011
Capital gains from Shares is the gain or profit arising from the sale or transfer of shares effected during the accounting year under con...
Long Term Capital Gain – Option to the assessee
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 26, 2011
As per Section 112(1) of the Income Tax Act, 1961 (the Act), in case of long term capital gain (LTCG) (other than LTCG on equity shares a...
Tax Free Perquisites in case of salaried individuals
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 26, 2011
Every salaried individual is entitled to perquisites or perks. It is defined as any casual emolument, fee or profit, attached to an offic...
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