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Direct Taxes (including International Taxation)
New Presumptive taxation u/s 44AD from AY 2011-12
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 30, 2011
A new section 44AD has been incorporated in the Income-tax Act to provide for special provisions for computing business profit on presump...
Your Employer not bothered about your taxes- save taxes on salary
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 30, 2011
Generally employee and specially employer are ignorant regarding the taxation issues of the salary paid. Employee gives least importance ...
Penal Interest u/s 234B for default in payment of advance tax – Individual Taxation
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 29, 2011
The advance tax is based on the concept of ‘pay as you earn’ and an individual shall be liable to pay advance tax on income of curren...
Housing loan OR Housing Allowances – Individual Taxation
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 29, 2011
Benefits for the person who have Housing Loan : Housing Loan is taken by a person when he purchases a house and financed the part of the ...
Penal Interest u/s 234A for default in furnishing return – Individual Taxation
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 28, 2011
Individuals are required to file their income tax return for any previous year upto 31st July of the relevant assessment year u/s 139(1) ...
Tax Deducted at Source Certificate -Individual Taxation
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 27, 2011
TDS certificate is issued by the person who deducts tax at the specified rate while paying a sum of money to the recipient and confirms t...
An Analysis of Sec 80DD and 80U for the Deduction for Disability – Individual Taxation
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 27, 2011
In India we have two corresponding sections under the Income Tax Act, 1961 which allows fixed deduction irrespective of expenses to the c...
Pay taxes in advance and wait endlessly for Refunds – Individual taxation
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 26, 2011
Every assessee is liable to get refund of extra taxes paid on their income as per the provisions of Income Tax Act, 1961. Further, to cla...
Reduction in qualifying age and enhanced limit for senior citizen
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 23, 2011
As per the Income Tax Act, 1961 qualifying age limit of senior citizen is 65 years means a person who is 65 years or more at any time dur...
Deduction of medical insurance premium – 80D
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 23, 2011
Burden of medical expenses incurred towards health insurance premium can be reduced through tax deduction under section 80D of the Income...
Taxability of gifts made or received by HUF
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 22, 2011
HUF can be used as a means of effective tax planning. Under the Income Tax Act, 1961 HUF is treated as a separate entity for the purpose ...
No Clubbing of income, if transferred to major child – Individual Taxation
Direct Taxes (including International Taxation) | By ALOK PATNIA | Jun 22, 2011
Under the Income Tax Provisions, in certain situations, the income of spouse and minor child is combined with that of the individual’s ...
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