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No requirement for Individuals to declare high value transactions in ITRs – CBDT
News & FAQs | By ALOK PATNIA | May 5, 2011
The Central Board of Direct Taxes (CBDT) has given a breather to individual tax payers from declaring high-value transactions with banks,...
Taxability of contribution to recognised provident fund
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 4, 2011
The contribution by the employer is not taxed if it does not exceed 12 per cent of the employee’s salary (excluding allowances and perq...
Save Taxes and Secure Future – Tax saving options under section 80C
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 1, 2011
Every individual and HUF taxpayers are entitled to a deduction of an aggregate amount paid or deposited in the specified items, subject t...
Pay taxes on expenses incurred for marriage
News & FAQs | By ALOK PATNIA | May 1, 2011
In our country it is common to incur astonishing amount of expenditure at the time of marriages, both from bride’s side and also from b...
Important points to note with regard to gifts received – Income Tax Act
News & FAQs | By ALOK PATNIA | May 1, 2011
The income tax act provides excellent opportunity for tax planning and also for creating wealth, by way of exemption granted with respect...
Taxability of gifts received – Indian Income tax Act
News & FAQs | By ALOK PATNIA | May 1, 2011
The provision states that, if the aggregate sum of money received during any financial year without consideration exceeds Rs. 50,000 by a...
Some Uncommon Facts of House Property income- Its Taxability
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 30, 2011
Rent and other income from any flat, building or land appurtenant thereto is usually taxed under the head “Income from House Propertyâ€...
Transfer of shares/ debentures by ways of gifts received under ESOP plan – Taxability
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 30, 2011
Capital gain shall arise under section 47 (iii), in case of shares, debentures or warrants which have been transferred by way of gift or ...
Deposit in Capital Gain Account Scheme- Save taxes on Capital gain Income
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 30, 2011
Income Tax Act, 1961 provides certain exemption on capital gain income earned vide section 54, 54B, 54D, 54F, 54G and 54GA. These exempti...
Save Capital Gain Taxes – Capital Gain on sale of House Property- Sec 54
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 30, 2011
The Income Tax Act, 1961 grants exemption of capital gains arising from the transfer of residential house property under section 54. Cond...
Invest in NHAI and REC Bonds to save tax on Capital Gains
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 30, 2011
If you have transferred long term Capital asset during the previous year and on the same if you have earned capital gain, usually you hav...
Housing Loan – Tax Exemption of interest of pre-construction period
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 29, 2011
Interest Payable by an assessee in respect of funds borrowed for the acquisition or construction of a house property and pertaining to a ...
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