News & FAQs

Now File Rectification online with IT Department

After filing the return of income, the same is processed by the department for verification purpose, where processing is completed by the...

Transactions where PAN is mandatory

News & FAQs | By ALOK PATNIA | Feb 11, 2011

Permanent Account Number (PAN) is unique Identity number issued by the Income Tax Department under the provision of Income Tax Act, 1961....

Determination of Residential Status of individuals

News & FAQs | By ALOK PATNIA | Feb 10, 2011

The incidence of tax on a particular income of an individual depends on the residential status and thus the determination of correct resi...

Things you should know about PAN

News & FAQs | By ALOK PATNIA | Feb 7, 2011

1.  What is PAN? Permanent Account Number (PAN) is unique Identity number issued by the Income Tax Department under the provision of Inc...

Taxability of gifts received by HUF and others

News & FAQs | By ALOK PATNIA | Feb 7, 2011

Hindu Undivided Family (HUF) is a separate entity as per the Income Tax Act, 1961 (“the Act”) although it is not a natural person but...

Income of your minor child- Taxability !

News & FAQs | By ALOK PATNIA | Feb 5, 2011

Mr. Kundra is worried now days about taxability of income earned by his 4 year old child Aryan, as he is earning income by way of modelli...

Income From shares and liability for getting Tax Audit done

News & FAQs | By ALOK PATNIA | Feb 5, 2011

Online Trading has gained immense popularity to attract people to invest their money in share market. Online Share trading has opened up ...

Mr FM – Increase basic tax exemption slab to off-set high inflation

News & FAQs | By ALOK PATNIA | Feb 3, 2011

India’s food inflation has remained in double-digits for most of the past year. The wholesale price index rose an annual 8.43% in t...

Ten Things to do before march 2011 to save taxes

News & FAQs | By ALOK PATNIA | Feb 3, 2011

The tax year 2010-11 comes to closure on 31st March 2011, with that the taxpayers start rushing for the documents/investment proofs, base...

Tax slab for Individuals – Tax year ending March 2011

News & FAQs | By ALOK PATNIA | Feb 1, 2011

The tax year ending March 2011, is nearing its end, therefore you must prepare for your tax planning for calculating the income tax liabi...

Taxability of Bonus received by Individuals

News & FAQs | By ALOK PATNIA | Jan 31, 2011

The bonus as may be received by the employee is fully taxable in the hands of the employee on receipt basis and is included in the gross ...

Taxability of Gifts received

News & FAQs | By ALOK PATNIA | Jan 29, 2011

Income Tax Act, 1961(“the Act”) provides the tax treatment on receipt of gift and certain assets by an individual from his r...

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