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Direct Taxes (including International Taxation)
Clubbing of Income in respect of transfer of assets
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 15, 2011
Generally, an assessee is taxed in respect of his own income. In some cases, however; the Income Tax Act deviates from this principle and...
Restriction on accepting or repayment of loan or deposits – Under Income Tax Provision
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 14, 2011
Individual taxpayers do normally accept and repay amounts in nature of loan or deposit without even aware of stringent restriction impose...
Clubbing of income of minor child for Income Tax Purpose
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 14, 2011
All income which arises or accrues to the minor shall be clubbed in the income of his parent. However, the income derived by the minor fr...
Tax on Dividend and Interest – Individual Taxation
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 14, 2011
A source of income which does not specifically fall under any one of the other four heads of income, namely “Salariesâ€, “Income fro...
Leave Encashment Received by Salaried Individuals – Taxability
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 14, 2011
Most of the employees are entitled to certain no. of leaves per month/annum and leave encashment is simply encashing leaves remaining unu...
Profit in lieu of salary to Individual Taxpayers
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 14, 2011
Profit in lieu of salary is a part of salary income and accordingly it is taxable under the head “Income from Salaryâ€. Profit in lieu...
File your Return of Income/ Tax Returns via Online Medium
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 13, 2011
Government has provided great relief to most of the salaried class individuals by proposing that the individuals whose annual income is u...
Income Tax Returns – Importance and other aspects
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 13, 2011
Individuals are required to file their income tax return if the income before allowing deductions under chapter VIA and exemption u/s 10A...
Special Allowances in case of salaried tax payers
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 12, 2011
Allowance is a fixed quantity of money or otherwise given regularly in addition to salary for the purpose of meeting some particular requ...
Revise your erroneous tax returns online
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 11, 2011
The filing of income tax return is a legal obligation for every person whose total income during the previous year exceeds the maximum am...
File Your Return of Income after checking the Tax Credit Online
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 11, 2011
Every taxpayer can view or verify proper credits of Taxes paid (only with respect to Financial Year 05-06 onwards) from their Annual Tax ...
Creation and Taxability – Hindu Undivided Family (HUF)
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 10, 2011
‘Hindu Undivided Family’ (HUF) is a family that consists of all persons lineally descended from a common ancestor, including ...
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