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Direct Taxes (including International Taxation)
Deduction on Interest on Saving Account – 80TTA
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 7, 2012
Individuals and HUFs can now claim deduction on Interest on saving account from 1st April, 2013 u/s 80TTA. Section 80TTA has been newly i...
Taxability of Agricultural Income
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 7, 2012
Agricultural Income is exempt from tax if it comes within the definition of “ agricultural income †as given in Section 2(1A). Defini...
Payment of Advance Tax
Corporate Law & Intellectual Property Rights | By ALOK PATNIA | Apr 6, 2012
  Liability for payment of advance tax. Under section 208, obligation to pay advance tax arises in every case where the advance tax pay...
Deduction of Tuition Fees u/s 80C
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 5, 2012
Tuition fees paid by you can also help you to save taxes. Section 80C provides deduction of tuition fees paid during the year. Investment...
Retrospective amendment – Finance Bill, 2012
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 4, 2012
Underlisted is the exhaustive list of all the Retrospective amendment brought into force by Finance Bill, 2012 Amendment proposed in ...
Calculate House Rent Allowance ( HRA ) Exemption
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 3, 2012
House Rent Allowance forms part of your salary only if your company policy provides so but just receiving it doesn’t mean that you are ...
TDS on Sale of Property @ 1% – Budget 2012
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 3, 2012
By virtue of a fresh section 194LLA, tax is required to be deducted at source on sale of property. Section 194LLA has provision of TDS pa...
Method Of Accounting In Income Tax– Sec 45
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 3, 2012
 The prevailing section provides that income under the head “Profits and Gains of Business and Profession’’ or “Income from othe...
Valuation Of Stock for Income Tax Purposes
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 3, 2012
Stock may be valued as per the accepted accounting norms as Income Tax Act or Income Tax Rules does not provide for any method for valuat...
Capital expenditure vs.Revenue expenditure – A synopsis
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 3, 2012
The most seeked upon parameters to judge whether expenditure is revenue or capital is to consider whether ownership is created or not. Th...
GAAR Not To Apply On P-Notes
Corporate Law & Intellectual Property Rights | By ALOK PATNIA | Apr 3, 2012
Facing a critical situation made more vulnerable by market volatility, FM Pranab Mukherjee announced that the new General Anti-Avoidance ...
Deduction of head office expenditure for NRIs – Section 44C
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 2, 2012
As per section 44C of Income Tax Act ,deduction allowed for head office expenditure incurred outside India by NRIs (attributable to the b...
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