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Direct Taxes (including International Taxation)
Deduction for Royalty Income of Authors – 80QQB
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 30, 2012
Deduction is available in respect of royalty or copyright income of authors. Assessee covered: The taxpayer should be an individual resid...
Taxability of Non – Delivery based transactions
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 30, 2012
Speculative transactions and Derivative transactions or Non – delivery based transactions, as the name implies, does not involves settl...
Taxability of Pension
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 28, 2012
Pension is one of the popular retirement benefits provided by the employer for past services. Taxability of pension depends on different ...
Tax Deduction for employing extra workmen – 80JJAA
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 28, 2012
Tax deduction is available from taxable profits of 30% of additional wages paid to new regular workmen in either a newly formed undertaki...
Consequences of delayed filing of Service tax return
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 28, 2012
If you are filing Service tax return after the due date then you may be held liable for the late fee upto Rs. 20,000. Every taxable servi...
Leave Travel Allowance – Claim Exemption
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 27, 2012
Vacation and Travelling with family is of great enjoyment and fun and this can be more enjoyed if related travel expenses help to save ta...
Deduction for Research and other expenses – Salaried and Non – Salaried Individuals
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 27, 2012
Deduction for any contribution made towards socio – economic welfare either in the form of contribution to scientific research or rural...
Deductions to Non Resident Individuals
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 24, 2012
Non Resident Indians (NRIs) are eligible for deductions under Chapter VI A as are available to Resident Individuals. There are certain in...
Save Tax through Educational Loan – 80E
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 24, 2012
Substantial tax saving is possible even if one has taken a loan for higher education. Due to financial constraints most of the persons ar...
Maintenance of books by Medical Professionals
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 24, 2012
It is advisable that Medical Professionals should account for transactions on cash basis (and not on mercantile basis), and maintaining o...
Online Filing of Revise return
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 21, 2012
Only if original return is filed within the due date then only one can avail the benefit of re-filing of Income Tax Return (ITR) referred...
Taxability of Income – Determine your Residential Status
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 21, 2012
The Incidence of tax is charged on the basis of residential status of an assessee and not by his citizenship. The residential status of...
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