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Direct Taxes (including International Taxation)
File income tax returns for FY 2010-11 (AY 2011-12) in new Sahaj or Sugam IT returns
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 21, 2011
File income tax returns in newly introduced ITR 1 (SAHAJ) for salaried individuals and ITR 4S (SUGAM) for small business taxpayers forms ...
Intimation of 143(1) from CPC – Tax Return intimation
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 19, 2011
The provision of Indian Income Tax Act provides that where a return has been filed under section 139 or in response to a notice under sec...
File Tax Returns Online for Prompt IT Refund
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 19, 2011
There is an incentive for taxpayers who file their income tax return online – they will get their refunds in a month. In a bid to speed...
Income from shares – Whether Capital Gains or Business Income
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 18, 2011
The provisions of the Income Tax Act, 1961 does not provide any clear cut demarcation for treating a particular of income as capital gain...
Valuation of perquisite in respect of credit card
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 18, 2011
The perquisite in respect of credit card is taxable as follows – Step 1 – Calculate expenditure incurred by the employer in respe...
Amount paid by employer to affect an assurance on the life of the employee
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 18, 2011
Amount payable by an employer, directly or indirectly, to maintain an assurance on the life of the assessee or to effect a contract for a...
Valuation of perquisite in respect of education provided by the employer
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 18, 2011
Training of employees – Amount spent for providing free education facilities to, and training of, the employee is not taxable. Fixed ed...
Valuation of perquisite for Motor Car and Taxability
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 17, 2011
Every salaried individual alongwith with salary for their services provided to the employer, look to get additional benefits or amenities...
Income Tax (IT) Benefits of a Home Loan / Housing Loan
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 16, 2011
Everyone wants to have a home to which they can call their own, where they feel secure and live peacefully with their family members. On ...
Taxability of gratuity proceeds and calculation of exemption
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 16, 2011
At the time of retirement, every employee have desire of reward for rendering long and unblemished service to the employer and Employer d...
Tax Saving Investments under 80C
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 14, 2011
Most of the Income Tax Payee try to save tax by saving under section 80C of the Income Tax Act, 1961. So to plan your tax savings accordi...
Provident fund (PF) and Voluntary Contributions to Provident Fund (VCPF)
Direct Taxes (including International Taxation) | By ALOK PATNIA | Apr 14, 2011
Salaried Employee always worries about their future after retirement. If you are a salaried employee you too expect to save for retiremen...
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