Section 40A(3) of Income Tax Act 1961 provides for disallowance of expenses in respect of which a payment or aggregate of payments made to a person in a day, otherwise than by an account payee cheque drawn on bank or account payee bank draft, exceed
Admissibility of Interest for the Broken Period in assessment of Interest on Securities Introduction When the Government securities are acquired between two due dates, the admissibility of interest attributable to the period from the
Introduction Section 50C was inserted by the Finance Act, 2002 with effect from April 1, 2003. It reads as under : Special provision for full value of consideration in certain cases.(1) Where the consideration received or accruing as
Section 40(b) of Income Tax Act places some restrictions and conditions on the deductions of expenses available to an assessee assessable as a partnership firm in relation to the remuneration and interest payable to the partners of such firm. The ded
The residential status of a person is required to be determined for each assessment year in order to determine the scope of total income.
Proposed provisions in respect of cooperative societies in Direct Tax Code 2010 1. India is a country of diversity. This is true not only for geography, culture and religion but also for business models. Apart from capitalism and socialism, the cou
80D- Key deduction for good financial planning (For Beginners like me) (A) 80C+80CCD+80CCE V/s 80D * When it comes to financial planning the first thing that strikes in our mind is 80C deductions like PPF, NSC , Tax
The following are the points are worthy to note before designing the good salary package to an employee. As said by someone, tax evasion is a crime but tax planning is inevitable Let us proceed to know how to save your salary from
1. Execution of Tax Planning: Execution of Tax planning should be such that the proposal should be applied with good conceptual knowledge of the facts. Tax Planning principles must be sound and also due care should be exercised in structuri
Infrastructure Bonds : whether worth to Invest ? After the additional Rs. 20000 investment in Infrastructure Bonds are allowed as deduction under Section 80C, above the cap of Rs. 100,000/-, suddenly the tax payers see it as a brighter option to
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