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Claim securities transaction tax (STT) as business expense and not as tax paid
News & FAQs | By ALOK PATNIA | Last updated on Apr 22, 2011
The treatment of STT would depend whether the transaction made in shares or mutual fund are treated as business income or capital gain. S...
No Capital gain tax or income tax on profit on sale of a car or other personal effect
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
Car used for personal purpose will be personal effect and not treated as capital asset as per definition in section 2 (14). Therefore, th...
Housing loan interest of pre-possession period is claimed in five equal instalments
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
The housing loan provides dual benefit to the taxpayers, first it acts as excellent tax saving tools and second, creation of long term as...
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...
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