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Taxability of contribution to recognised provident fund
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 23, 2011
Under the Income-tax Act, a recognized provident fund enjoys certain tax benefits. Recognized Provident Fund is applicable to an organiza...
Taxable Perquisites received by salaried individuals
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 21, 2011
Perquisites are the benefits provided in kind by the employer to his employees in addition to their salary free of cost or at a concessio...
Source of Fund for claiming exemption u/s 54 – Tax on Capital Gains
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 21, 2011
As per Section 54 of the Income Tax Act, 1961 the capital gain arises from the transfer of a long-term capital asset  (being buildings...
Tax on Capital Gains – Exemptions – Section 54
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 21, 2011
Long-term capital gains arising from transfer of a residential house and land appurtenant thereto may be claimed as exempt u/s 54 by indi...
List of Income Exempt from Tax – III
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 21, 2011
In continuation of our last post on this topic, please find the list of some more exempted income under the income tax act, 1961 : Any de...
List of Income Exempt from Tax – II
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 20, 2011
Remuneration received by a foreign national as an employee of the government of a foreign state during his stay in India for training in ...
List of Income Exempt from Tax – I
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 20, 2011
Agricultural income. But, this income has to be considered for determining the rate of tax applicable to the other income. Any sum recei...
Capital Gain Tax on receipt of amount received from Insurance
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 20, 2011
As per section 45(1A) any profit or gain arising from a receipt of insurance compensation in the form of money or any asset at any time d...
Claim Leave Travel Allowances to reduce taxes
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 20, 2011
Leave travel allowances are grant provided by the employer for taking vacations. (Leave Travel Allowance is also known as Leave Travel Co...
File your tax returns on time to claim tax refunds
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 20, 2011
If the amount of tax paid by the assessee or on his behalf or treated as paid by him or on his behalf for any assessment year exceeds the...
Deductions from House Property Income – Taxability
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 20, 2011
Income from house property is levied not upon actual income from the property but upon the annual value. From the annual value the follow...
Income deemed to accrue or arise in India
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 20, 2011
Certain incomes are deemed to accrue or arise in India even though they may actually accrue or arise outside India. This is applicable to...
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