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Capital gains arising of a long-term capital asset other than a house property is exempted –...
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
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...
Income Tax Slab for FY 2010-11 & FY 2011-12 – March 2011 & March 2012
Corporate Law & Intellectual Property Rights | By ALOK PATNIA | Last updated on Oct 5, 2017
Tax slab of the current assessment year (AY) i.e., AY 2011-12 and current financial year (FY) i.e., FY 2011-12 is similar for the women a...
Interest on borrowed funds taken for purchase or construction of House
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
Interest on borrowed capital is deductible (of the current year and pre-construction period): (A) – In case of Self-Occupied Property &...
No requirement for Individuals to declare high value transactions in ITRs – CBDT
News & FAQs | By ALOK PATNIA | Last updated on May 5, 2011
The Central Board of Direct Taxes (CBDT) has given a breather to individual tax payers from declaring high-value transactions with banks,...
Taxability of contribution to recognised provident fund
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
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...
Save Taxes and Secure Future – Tax saving options under section 80C
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
Every individual and HUF taxpayers are entitled to a deduction of an aggregate amount paid or deposited in the specified items, subject t...
Pay taxes on expenses incurred for marriage
News & FAQs | By ALOK PATNIA | Last updated on May 1, 2011
In our country it is common to incur astonishing amount of expenditure at the time of marriages, both from bride’s side and also from b...
Important points to note with regard to gifts received – Income Tax Act
News & FAQs | By ALOK PATNIA | Last updated on May 1, 2011
The income tax act provides excellent opportunity for tax planning and also for creating wealth, by way of exemption granted with respect...
Taxability of gifts received – Indian Income tax Act
News & FAQs | By ALOK PATNIA | Last updated on May 1, 2011
The provision states that, if the aggregate sum of money received during any financial year without consideration exceeds Rs. 50,000 by a...
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