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Direct Taxes (including International Taxation)
Steps for Computation of income and tax thereon for individuals taxpayers
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 17, 2011
Income earned during the previous year (April 1, 2010 to 31st March 2011) is taxable in the immediately following assessment year. It is ...
Taxability of Arrears of Rent
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 17, 2011
The provisions of rent arrears described under section 25B of Income Tax Act, 1961. The section 25B exclusively deals with assessing cond...
Claim cost of improvement in the assets to reduce taxes
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 16, 2011
Any expenditure of a capital nature incurred in making additions or alteration to the asset is to be added to the cost of acquisition by ...
Termination compensation received is exempt from income tax
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 16, 2011
Most of the employees receive compensation in connection with termination of employment and there is a circumstance under which such comp...
Your Salary Comprises of these things.
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 16, 2011
Those having income from salary are concerned with the changes taking place in the Income Tax Act, 1961. So, at very outset one must unde...
Taxability of Royalty Income
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 16, 2011
Royalty mean consideration (including any lump sum consideration but excluding any consideration which would be the income of the recipie...
Taxability of income of Residents in India
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 16, 2011
Residential status has considerable bearing for charging of income tax. The following incomes of an assessee having ‘resident’ status...
Imperatives of having Income Tax file and filing of return of income/ tax returns
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 16, 2011
Individuals are required to file their income tax return if the income before allowing deductions under chapter VIA and exemption u/s 10A...
Employees Provident Fund (EPF) interest rate notified
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 16, 2011
The central government has notified the interest rate applicable for Employees’ provident fund @ 9.5 per cent, to be effective from 1st...
Taxability of Composite Rent Received
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 16, 2011
When the owner of the building gets along with the rent of the building, rent or hire of other assets (like furniture) or charges for dif...
Investment under section 80CCF/ Infrastructure bonds
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 15, 2011
The government has introduced a new tax investment option under section 80CCF, wherein an investment upto Rs. 20,000 is exempt from tax, ...
Get Interest on late Tax refunds from IT Department
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 15, 2011
At times getting refunds from the Income Tax Department becomes time taking and tiring exercise. Thus, in majority of cases, the tax paye...
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