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Calculate House Rent Allowance ( HRA ) Exemption
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
House Rent Allowance forms part of your salary only if your company policy provides so but just receiving it doesn’t mean that you are ...
TDS on Sale of Property @ 1% – Budget 2012
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
By virtue of a fresh section 194LLA, tax is required to be deducted at source on sale of property. Section 194LLA has provision of TDS pa...
Retrenchment Compensation – Taxability
Corporate Law & Intellectual Property Rights | By ALOK PATNIA | Last updated on Oct 5, 2017
Retrenchment Compensation means any payment received by an employee on termination of his contract of service either due to his professio...
Method Of Accounting In Income Tax– Sec 45
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
 The prevailing section provides that income under the head “Profits and Gains of Business and Profession’’ or “Income from othe...
Valuation Of Stock for Income Tax Purposes
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
Stock may be valued as per the accepted accounting norms as Income Tax Act or Income Tax Rules does not provide for any method for valuat...
Capital expenditure vs.Revenue expenditure – A synopsis
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
The most seeked upon parameters to judge whether expenditure is revenue or capital is to consider whether ownership is created or not. Th...
GAAR Not To Apply On P-Notes
Corporate Law & Intellectual Property Rights | By ALOK PATNIA | Last updated on Oct 5, 2017
Facing a critical situation made more vulnerable by market volatility, FM Pranab Mukherjee announced that the new General Anti-Avoidance ...
Deduction of head office expenditure for NRIs – Section 44C
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
As per section 44C of Income Tax Act ,deduction allowed for head office expenditure incurred outside India by NRIs (attributable to the b...
Additional Depreciation Benefits For Power Generation & Distribution Companies
Corporate Law & Intellectual Property Rights | By ALOK PATNIA | Last updated on Oct 5, 2017
Section 32 provides for additional depreciation on new plant and machinery (other than ships and aircrafts), which has been acquired and ...
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