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Taxability of gratuity received on retirement
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 17, 2011
Mostly Gratuity is received as retirement benefits by the employee for rendering long and unblemished service. Gratuity received is added...
Income of Non-resident taxable in India
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 17, 2011
Residential status has considerable bearing for charging of Income Tax. Based on residence, a person can be Resident and Ordinarily Resid...
Taxability of allowances received by an Individual Taxpayers
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 17, 2011
Any prescribed special allowance or benefit other than perquisites specifically granted to meet expenses wholly, necessarily and exclusiv...
Taxability of technical fees
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 17, 2011
‘Fees for Technical Services’ mean any consideration (including any lump sum consideration) for rendering of any managerial, technica...
Income of a ‘Not ordinarily Resident’ taxable in India
News & FAQs | By ALOK PATNIA | May 17, 2011
The residential status of a person is necessary to be known, as the tax liability is dependent on such status. Based on residence, a pers...
Steps for Computation of income and tax thereon for individuals taxpayers
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 17, 2011
Income earned during the previous year (April 1, 2010 to 31st March 2011) is taxable in the immediately following assessment year. It is ...
Taxability of Arrears of Rent
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 17, 2011
The provisions of rent arrears described under section 25B of Income Tax Act, 1961. The section 25B exclusively deals with assessing cond...
Claim cost of improvement in the assets to reduce taxes
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 16, 2011
Any expenditure of a capital nature incurred in making additions or alteration to the asset is to be added to the cost of acquisition by ...
Termination compensation received is exempt from income tax
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 16, 2011
Most of the employees receive compensation in connection with termination of employment and there is a circumstance under which such comp...
Your Salary Comprises of these things.
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 16, 2011
Those having income from salary are concerned with the changes taking place in the Income Tax Act, 1961. So, at very outset one must unde...
HUF as distinct identity – Scenarios and Taxability
News & FAQs | By ALOK PATNIA | May 16, 2011
If somebody transfers his own assets for forming Hindu Undivided Family (HUF) after 31.12.1969, it is not acceptable and the income from ...
Taxability of Royalty Income
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 16, 2011
Royalty mean consideration (including any lump sum consideration but excluding any consideration which would be the income of the recipie...
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