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Taxability of income of Residents in India
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 16, 2011
Residential status has considerable bearing for charging of income tax. The following incomes of an assessee having ‘resident’ status...
Imperatives of having Income Tax file and filing of return of income/ tax returns
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 16, 2011
Individuals are required to file their income tax return if the income before allowing deductions under chapter VIA and exemption u/s 10A...
Employees Provident Fund (EPF) interest rate notified
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 16, 2011
The central government has notified the interest rate applicable for Employees’ provident fund @ 9.5 per cent, to be effective from 1st...
Taxability of Composite Rent Received
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 16, 2011
When the owner of the building gets along with the rent of the building, rent or hire of other assets (like furniture) or charges for dif...
Investment under section 80CCF/ Infrastructure bonds
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 15, 2011
The government has introduced a new tax investment option under section 80CCF, wherein an investment upto Rs. 20,000 is exempt from tax, ...
Get Interest on late Tax refunds from IT Department
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 15, 2011
At times getting refunds from the Income Tax Department becomes time taking and tiring exercise. Thus, in majority of cases, the tax paye...
Clubbing of Income in respect of transfer of assets
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 15, 2011
Generally, an assessee is taxed in respect of his own income. In some cases, however; the Income Tax Act deviates from this principle and...
Apply for Stay of Demand – In case of huge Tax demand
News & FAQs | By ALOK PATNIA | May 14, 2011
In some cases, the assessing officer while passing an assessment order raises huge tax, demand, which puts the individual tax payer into ...
Restriction on accepting or repayment of loan or deposits – Under Income Tax Provision
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 14, 2011
Individual taxpayers do normally accept and repay amounts in nature of loan or deposit without even aware of stringent restriction impose...
Clubbing of income of minor child for Income Tax Purpose
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 14, 2011
All income which arises or accrues to the minor shall be clubbed in the income of his parent. However, the income derived by the minor fr...
Tax on Dividend and Interest – Individual Taxation
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 14, 2011
A source of income which does not specifically fall under any one of the other four heads of income, namely “Salariesâ€, “Income fro...
Audit requirements for individual taxpayers
News & FAQs | By ALOK PATNIA | May 14, 2011
Tax audit is done u/s 44AB of the Income Tax Act, 1961 to minimise the burden of Assessing Officer (A.O.) because the auditors are requir...
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