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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...
Housing loan & other deductions from House Property Income
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 26, 2011
Income from House property is computed by taking what is called Annual Value. From this, deduct Municipal Tax paid and you get the Net ...
File Tax Returns/ IT Returns even if tax is deducted at source (TDS)
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 25, 2011
Filing of return is the constitutional duty of every individual as it earns the dignity of consciously contributing to the development of...
Taxability of Short Term Capital Gains on equity shares and units of equity oriented fund
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 25, 2011
Immense changes are taking place in the Indian Economy due to the massive structural, trade and industrial policy reforms which have crea...
Turnover of share broker for audit purpose – Entered into on behalf of the client
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 25, 2011
“Share Broker†is an agent that charges a fee or commission for executing buy and sells orders submitted by an investor. He sells or ...
Cost of Acquisition in case where asset is not acquired by way of purchase – Capital Gain Tax
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 25, 2011
The term “Cost of Acquisition†plays an important role while computing the income under the head “Capital Gainâ€. It basically ref...
Allowable deductions while computing income from house property
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 25, 2011
Income from House property is computed by taking what is called Annual Value. From this, deduct Municipal Tax paid and you get the Net ...
File Tax Returns/ IT returns on time to carry forward losses
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 25, 2011
It is advisable to file your income tax return within due date even in case of loss otherwise the benefit of carry forward of loss will n...
Taxability of Retrenchment Compensation
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 24, 2011
“Retrenchment†means termination by the employer of service of a work man for any reason other than as a punishment inflicted by a di...
Taxability of various Perquisites – received by salaried individuals
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 24, 2011
Perquisites are various non-wage compensations provided to employees in addition to their normal wages or salaries. These are the benefit...
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