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Direct Taxes (including International Taxation)
Taxability of Arrear Rent – Under Income from House Property
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 23, 2011
Arrear Rent refers to the rent of the prior period received in the current year due to reasons like increase in the amount of rent with r...
Commutation of Pension – Taxability
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 23, 2011
“Pension” is a payment made by an employer to his tired or ex-employee in consideration of the services ordered by him in...
Transport Allowance – Received by Salaried Individuals
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 23, 2011
Most of the salaried individuals are provided transport allowance by their employers for the purpose of commuting between the place of th...
Capital gain tax on conversion
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 23, 2011
When proprietary business is converted into firm it is mostly seen that there is doubt regarding Capital Gain, whether it will arise or n...
Taxability of Deep Discount Bond
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 23, 2011
If the bond matures, bonds the difference between the redemption price and the issue price of Deep Discount Bonds will be charged as inte...
Expenditure incurred in respect of exempt income
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 23, 2011
The Finance Act, 2001 has inserted section 14A in the Income-tax Act, 1961 wherein it was specifically provided that for the purpose of c...
Profit in lieu of Salary in case of salaried individuals
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 23, 2011
Profit in lieu of salary is a part of salary income. This payment is made by the employer to his employee in lieu or in addition to his s...
Taxability of contribution to recognised provident fund
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 23, 2011
Under the Income-tax Act, a recognized provident fund enjoys certain tax benefits. Recognized Provident Fund is applicable to an organiza...
Taxable Perquisites received by salaried individuals
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 21, 2011
Perquisites are the benefits provided in kind by the employer to his employees in addition to their salary free of cost or at a concessio...
Source of Fund for claiming exemption u/s 54 – Tax on Capital Gains
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 21, 2011
As per Section 54 of the Income Tax Act, 1961 the capital gain arises from the transfer of a long-term capital asset  (being buildings...
Tax on Capital Gains – Exemptions – Section 54
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 21, 2011
Long-term capital gains arising from transfer of a residential house and land appurtenant thereto may be claimed as exempt u/s 54 by indi...
List of Income Exempt from Tax – III
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 21, 2011
In continuation of our last post on this topic, please find the list of some more exempted income under the income tax act, 1961 : Any de...
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