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Direct Taxes (including International Taxation)
House Rent Allowance or Rent Free Accommodation – Claim Deduction
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 20, 2012
Salaried Individuals working in outstation jobs have to either reside in a rented / owned house or are being provided with accommodation ...
Save tax from health insurance premium – 80D
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 19, 2012
Deduction of maximum Rs. 40,000 can be availed through section 80D. Salaried individual restrict their tax saving investment to section 8...
Tax Treatment of Excess Service Tax paid
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 18, 2012
Service tax is charged on the value of consideration received, so it may happen at times that payment is received for service to be provi...
Deduction for Housing Loan – Save Taxes
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 12, 2012
It is a well known fact that housing loan is considered as one of the best tax saving tools as deduction is available for both the princi...
Relief under New Pension Scheme – 80CCC and 80CCD
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 11, 2012
The taxability and benefit of amount contributed to pension funds or pension scheme is dealt in Section 80CCC and 80CCD. Since both the s...
Claim deduction for Tax investment even if proof not submitted to Employer
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 7, 2012
It is normal that employees need to submit the details of tax investment made to their employers within a time period. The employers de...
Things Individuals should do to save taxes
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jan 5, 2012
Individuals want to save taxes but they don’t know how to do it. They are either not aware of ways to save taxes or are too consume...
Deductions to Non Resident Individuals under 80C
Direct Taxes (including International Taxation) | By ALOK PATNIA | Dec 31, 2011
Section 80C has been the most popular tax saving instruments for taxpayers and assessees are always encouraged to make the most of it. Th...
Housing Loan and tax exemptions
Direct Taxes (including International Taxation) | By ALOK PATNIA | Dec 30, 2011
Availing a Home loan offers two way benefits. You get deduction for both principal and interest paid and at the same time you create your...
Audit Requirement for Individuals – 44AB & 44AD
Direct Taxes (including International Taxation) | By ALOK PATNIA | Dec 29, 2011
Individuals are required to get their books of accounts audited even if they are running a sole proprietorship business and salaried indi...
Capital Gain exemption available – even if land was owned by assessee’s spouse
Direct Taxes (including International Taxation) | By ALOK PATNIA | Dec 26, 2011
Section 54F provides deduction in respect of capital gain arising from the sale of any long term capital asset. The deduction is provided...
Taxability of Private Limited Company
Corporate Law & Intellectual Property Rights | By ALOK PATNIA | Dec 24, 2011
Every Company is mandatorily required to comply with Company Law Compliances and Income Tax provisions for smooth functioning of the busi...
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