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Taxability of Gifts received
News & FAQs | By ALOK PATNIA | Last updated on Jun 4, 2016
Income Tax Act, 1961(“the Act”) provides the tax treatment on receipt of gift and certain assets by an individual from his r...
Don’t evade taxes because taxes Authorities are watching you!!
News & FAQs | By ALOK PATNIA | Last updated on Jun 4, 2016
Annual Information Return (“the Return”) is a return introduced with an intention to cover the specified financial transactio...
Taxability of your income depends on status of residency
News & FAQs | By ALOK PATNIA | Last updated on Jun 4, 2016
Residential Status is the basis of Individual taxability in India. The residential status is determined based on the physical stay of an ...
Taxability of income arising from shares and other listed securities
News & FAQs | By ALOK PATNIA | Last updated on Jun 4, 2016
If an individual derives any income from the transfer of a short term (held for less than 12 months) assets being an equity share or unit...
Taxability of pension received
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
A pension is an arrangement to provide an individual with an income when he is no longer earning a regular income from employment. It inv...
Taxability of encashment of earned Leave
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
Leave encashment is the amount paid for the employee’s leave period, depending upon the leaves to his credit and his salary at the ...
Buy Bonds of NHAI and REC and save taxes on capital gains-Section 54EC
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
This relates to an exemption in the case of capital gains arising from the transfer of long-term assets. The exemption is available to al...
Received arrears of salary??? Get relief in tax liability section 89
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
Section 89 of the Indian Income Tax provides rebate to salaried individuals for receiving any portion of their salary in arrears or in ad...
Challenged individuals can avail exemption upto Rs. 1 Lac from their income- 80U
Direct Taxes (including International Taxation) | By ALOK PATNIA | Last updated on Oct 5, 2017
In computing the total income of a resident individual who is suffering from a permanent physical disability, the Income Tax Act provides...
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