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Commutation of Pension – Its Taxability and other facts
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 19, 2011
Every salaried employee at the time of retirement receives retirement benefits from their employer, which is intended to secure life afte...
Income deemed to accrue or arise in India is Taxable in India
News & FAQs | By ALOK PATNIA | May 19, 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...
Taxability of income from mutual funds
News & FAQs | By ALOK PATNIA | May 19, 2011
Investment in mutual funds brings together a group of people and invests their money in stocks, bonds, and other securities who share a c...
Capital Gain on – Realignment of interest in properties on family arrangement – Taxab...
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 19, 2011
Family arrangement is not regarded as transfer. For income tax purposes, a bona fide arrangement is not regarded as a transfer even when ...
Cost of Acquisition in case of liquidation, conversion – Taxability
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 19, 2011
Cost of acquisition of an asset is the value for which it was acquired by the assessee. Expenses of capital nature for completing or acqu...
Taxability of Transport Allowances
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 18, 2011
In every individual salary structure certain allowances is there which is given by the employer regularly in addition to salary for the p...
Taxability of amount received before or after joining the employment – Profit in lieu of sa...
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 18, 2011
Any amount due to or received, whether in lump sum or otherwise, by an assessee from any person before his joining any employment with th...
Liability to Pay Taxes on Income from House Property
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 18, 2011
Under the Income Tax Act, 1961, the owner of a house property (consisting of any building or land appurtenant thereto) is taxed on the in...
Capital receipts and Revenue receipts – Taxability
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 18, 2011
A receipt is taxable if it is of the nature of income. But receipts which are of capital nature are generally not taxable. The basic sche...
Taxability of non-resident artists or performers in India
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 18, 2011
The taxability of various non-residents artist or performer in India and the facts and circumstances of each event is needed to consider....
Tax treatment of National Saving Certificate and Indira Vikas Patra
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 17, 2011
National Savings Certificates (NSC), Kisan Vikas Patra (KVP) and Indira Vikas Patra (IVP) will also be considered as “capital assetsâ€...
Exemption of Long Term Capital Gains on equity shares and units of equity oriented fund
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 17, 2011
Section 10(38) of the Income Tax Act, 1961 provides that long term capital gains arising from transfer of any equity share of a company o...
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