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Direct Taxes (including International Taxation)
Claim taxes on salary by filing your return of income
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 10, 2011
Every employer responsible for paying Salaries is required to deduct tax at source on the amount payable/ paid and also deposit such dedu...
File your Tax Returns (IT returns) for FY 2010-11 (AY 2011-12) (March 2011)
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 9, 2011
All individuals having taxable income are required to file their return of income/ Tax returns before 31st July 2011 and thus the due dat...
Bonus shares – Cost of Acquisition and Taxability
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 9, 2011
Cost of acquisition of any additional financial assets as bonus shares or security or otherwise which is received without any payment by ...
Tax Assessment in case of individual tax payers
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 8, 2011
Every taxpayer desire that his return should be accepted u/s 143(1) and not subjected to scrutiny assessment. It is natural that the taxp...
Valuation of perquisite in respect of gift, voucher or token – Taxability
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 8, 2011
Mostly by every employee additional benefits along with the normal salary is received in kind from the employer free of cost or at a conc...
Valuation of perquisite in respect of free education for Income Tax Purposes
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 7, 2011
Perquisites provided by the employer (directly or indirectly) to the employee or any member of his household (by reason of his employment...
Tax Assessment of Individual Taxpayers
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 6, 2011
Every taxpayer desire that his return should be accepted u/s 143(1) and not subjected to scrutiny assessment. It is natural that the taxp...
Valuation of perquisite in respect of gift, voucher or token
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 6, 2011
Mostly by every employee additional benefits along with the normal salary is received in kind from the employer free of cost or at a conc...
The tax treatment of pension received
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 6, 2011
Pension is simply a compensation to the employee for the past service. Tax treatment As per Income Tax Act, 1961 tax treatment of pension...
Capital gains arising of a long-term capital asset other than a house property is exempted –...
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 6, 2011
The Income Tax Act, 1961 grants exemption of capital gains arising from the transfer of a long-term capital asset other than a house prop...
Interest on borrowed funds taken for purchase or construction of House
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 5, 2011
Interest on borrowed capital is deductible (of the current year and pre-construction period): (A) – In case of Self-Occupied Property &...
Taxability of contribution to recognised provident fund
Direct Taxes (including International Taxation) | By ALOK PATNIA | May 4, 2011
The contribution by the employer is not taxed if it does not exceed 12 per cent of the employee’s salary (excluding allowances and perq...
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