Hi friends,If you are individual and have foreign income. You must become aware of tax treatment of foreign income.In this article, I have explained how to determine residential status for individual and tax applicable as per residential status.Know
When employer provides employee facility of rent free accommodation. value of it is taxable as a perquisites in salary head of income tax.For calculating perquisites value taxpayer has to follow two steps.step 1: find out unfurnished accommodatio
Friends, We all love success, dont we?? And we do lots of things to get it. Todays world is of competition. And in the race of getting success, sometimes we forget ourselves. Many become stressful, depressed and after g
44AA: MAINTENANCE OF BOOKS OF ACCOUNTS WHO SHOULD MAINTAIN : If a person carrying on business / profession and income from such business/ profession has exceeded 1,20,000 in any of the three p.y. or current p.y. (for newly set up business) I
Tax Settlement Commission, a quasi judicial body, was set up under section 245B of Income-tax Act 1961. It has been set up as a result of recommendations made by Direct Taxes Enquiry Committee (Popularly known as W
Work contractor definition : Works contract, for the purposes of section 65(105)(zzzza), means a contract wherein,- (i) Transfer of property in goods involved in the execution of such contract is livable to tax as sale of goods, and (i