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Direct Taxes (including International Taxation)
Claim Relief of Gratuity & Compensation u/s 89(1)
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 28, 2012
If an individual receives any portion of his salary in arrears or in advance, or receives profit in lieu of salary, or has received salar...
Accreditation Fee not taxable as Royalty
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 26, 2012
ACIT vs. Anchor Health and Beauty Care Pvt Ltd (ITAT Mumbai) As reported by ITAT.ORG: The assessee, engaged in manufacture of tooth paste...
Co-Ownership
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 25, 2012
A legal concept where two or more co-owners share the legal co-ownership of a property i.e. two or more persons hold title to the same pr...
Transfer Pricing & Cost Contribution Agreements
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 25, 2012
Dresser-Rand India Pvt Ltd vs. ACIT (ITAT Mumbai) The assessee entered into a ‘Cost contribution agreement’ with its parent company p...
Capital Gain on transfer of gifted assets
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 25, 2012
We the team of Taxmantra from our experience has found that, most of the taxpayers who have transferred their capital gifted assets , rem...
Company can follow cash system of accounting for tax purposes
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 23, 2012
DCIT vs. Stup Consultants Pvt Ltd (ITAT Mumbai) A company, followed, the mercantile system of accounting in accordance with s. 209(3) of ...
How to View ITR Processing & Receipt Status ?
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 23, 2012
Every person whose total income for previous year exceeds basic exemption limits are obligated to file their income tax return. Other tha...
Determine Indexed cost of gifted assets with reference to previous owner
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 22, 2012
CIT vs. Manjula J. Shah (Bombay High Court) The assessee’s daughter purchased a flat costing Rs. 50.48 lakhs on 29.1.1993. On 1.2.2003,...
Taxability of Arrear rent received
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 22, 2012
Rent of the prior period received in the current year due to reasons like increase in the amount of rent with retrospective effect etc. S...
Gains from sale of shares through PMS is taxable as business profits
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 22, 2012
M/s. Radials International vs. ACIT (ITAT Delhi) The assessee offered Long term capital gain (LTCG) & Short term capital gain (STCG) ...
FAQ on HRA
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 21, 2012
Can I take advantage, of tax benefits from Home Loan + HRA?                                      Â...
How to Compute Book Profit of Partnership Firm?
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 21, 2012
Partnership is not a separate entity distinct from the partners, but for tax purposes a partnership is an entity. Total income of the Par...
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