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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...
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...
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