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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...
Update Your PAN details with the IT Department
News & FAQs | By ALOK PATNIA | May 14, 2011
Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued in the form of a laminated card, by the Income Tax Department. ...
Do these things to get prompt refund from IT Dept
News & FAQs | By ALOK PATNIA | May 14, 2011
A tax refund is an amount, which denotes the excess of taxes paid over the actual tax liability. The process of getting tax refunds from ...
Leave Encashment Received by Salaried Individuals – Taxability
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 14, 2011
Most of the employees are entitled to certain no. of leaves per month/annum and leave encashment is simply encashing leaves remaining unu...
Profit in lieu of salary to Individual Taxpayers
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 14, 2011
Profit in lieu of salary is a part of salary income and accordingly it is taxable under the head “Income from Salaryâ€. Profit in lieu...
File your Return of Income/ Tax Returns via Online Medium
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 13, 2011
Government has provided great relief to most of the salaried class individuals by proposing that the individuals whose annual income is u...
Income Tax Returns – Importance and other aspects
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 13, 2011
Individuals are required to file their income tax return if the income before allowing deductions under chapter VIA and exemption u/s 10A...
Special Allowances in case of salaried tax payers
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 12, 2011
Allowance is a fixed quantity of money or otherwise given regularly in addition to salary for the purpose of meeting some particular requ...
Impact of Proposed Direct Tax Code on Individual Taxpayers
News & FAQs | By ALOK PATNIA | May 12, 2011
The Direct Tax Code (DTC) will come into effect from FY 2012-13 starting from 1st April, 2012 and you would file your first income tax re...
Revise your erroneous tax returns online
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 11, 2011
The filing of income tax return is a legal obligation for every person whose total income during the previous year exceeds the maximum am...
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