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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 | Last updated on Oct 5, 2017
File income tax returns in newly introduced ITR 1 (SAHAJ) for salaried individuals and ITR 4S (SUGAM) for small business taxpayers forms ...
Investment in your Child's name, clubbing of income and taxability
News & FAQs | By ALOK PATNIA | Last updated on Apr 20, 2011
If you invest for your child, any income that is earned from this investment will be clubbed with your income and you will have to pay ta...
Child Actors/ Models need to file their return of income- Clubbing provisions not applicable
News & FAQs | By ALOK PATNIA | Last updated on Apr 19, 2011
The income of minor children is required to be clubbed with income of the parent, whose income is higher. The following are the exception...
Intimation of 143(1) from CPC – Tax Return intimation
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
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 | Last updated on Oct 5, 2017
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...
No need to file tax returns for income up to Rs 5 lakh, still required to file for refund cases
News & FAQs | By ALOK PATNIA | Last updated on Apr 18, 2011
Taxpayers with annual income of up to Rs. 5 lakh will not be required to file returns, a move that will provide relief to around 70 to 80...
Income from shares – Whether Capital Gains or Business Income
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
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 | Last updated on Oct 5, 2017
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 | Last updated on Oct 5, 2017
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...
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