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Long Term Capital Gain And Short Term Capital Gain
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 24, 2011
A capital gain is a profit that results from investments into a capital asset, such as stocks, bonds or real estate, which exceeds the pu...
File your Tax Returns / IT Returns Early – Avoid Last Minute Rush
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 24, 2011
Again it is that time of the year when all your income for the current financial year is in and you need to file your income tax returns ...
Computation of turnover for speculative transactions, derivative transactions, futures and options
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 24, 2011
Today the capital market has assumed a very significant place in our country involving speculative transactions, derivative transactions,...
Income Tax on Rental Income – House Property Tax
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 24, 2011
House Property is regarded as a source of income for Income-tax purposes. For this purpose Income Tax Act, 1961 (the Act) classifies R...
Transport Allowances – Salaried Individuals
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 24, 2011
Most of the salaried individuals are provided transport allowance by their employers for the purpose of commuting between the place of th...
Taxability of Arrear Rent – Under Income from House Property
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 23, 2011
Arrear Rent refers to the rent of the prior period received in the current year due to reasons like increase in the amount of rent with r...
Commutation of Pension – Taxability
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 23, 2011
“Pension” is a payment made by an employer to his tired or ex-employee in consideration of the services ordered by him in...
Transport Allowance – Received by Salaried Individuals
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 23, 2011
Most of the salaried individuals are provided transport allowance by their employers for the purpose of commuting between the place of th...
Capital gain tax on conversion
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 23, 2011
When proprietary business is converted into firm it is mostly seen that there is doubt regarding Capital Gain, whether it will arise or n...
Taxability of Deep Discount Bond
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 23, 2011
If the bond matures, bonds the difference between the redemption price and the issue price of Deep Discount Bonds will be charged as inte...
Expenditure incurred in respect of exempt income
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 23, 2011
The Finance Act, 2001 has inserted section 14A in the Income-tax Act, 1961 wherein it was specifically provided that for the purpose of c...
Profit in lieu of Salary in case of salaried individuals
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 23, 2011
Profit in lieu of salary is a part of salary income. This payment is made by the employer to his employee in lieu or in addition to his s...
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