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Tax Deducted at Source Certificate -Individual Taxation
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
TDS certificate is issued by the person who deducts tax at the specified rate while paying a sum of money to the recipient and confirms t...
An Analysis of Sec 80DD and 80U for the Deduction for Disability – Individual Taxation
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
In India we have two corresponding sections under the Income Tax Act, 1961 which allows fixed deduction irrespective of expenses to the c...
Pay taxes in advance and wait endlessly for Refunds – Individual taxation
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
Every assessee is liable to get refund of extra taxes paid on their income as per the provisions of Income Tax Act, 1961. Further, to cla...
Reduction in qualifying age and enhanced limit for senior citizen
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
As per the Income Tax Act, 1961 qualifying age limit of senior citizen is 65 years means a person who is 65 years or more at any time dur...
Its official No ITR/ Tax Returns upto 5 Lacs – If only salary and interest income from bank...
News & FAQs | By ALOK PATNIA | Last updated on Mar 28, 2017
In exercise of the powers conferred by sub-section (1C) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Government h...
Deduction of medical insurance premium – 80D
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
Burden of medical expenses incurred towards health insurance premium can be reduced through tax deduction under section 80D of the Income...
Taxability of gifts made or received by HUF
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
HUF can be used as a means of effective tax planning. Under the Income Tax Act, 1961 HUF is treated as a separate entity for the purpose ...
No Clubbing of income, if transferred to major child – Individual Taxation
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
Under the Income Tax Provisions, in certain situations, the income of spouse and minor child is combined with that of the individual’s ...
Accrual & Taxability of Dividend Income -Individual Taxation
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
Dividends declared by domestic companies are exempt from tax in the hands of shareholders. This is so because as per the income tax, an i...
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