Income Tax Articles

Independence to small taxpayer if his profit is above 8%

CA Umesh Sharma 14 August 2015 at 11:39

Karneeti Part 110Independence in 8th Month, but for Small taxpayer if, its profit above 8%.Arjuna (Fictional Character): Krishna, Independence Day of our country is coming closer on 15th August. All citizen lives happily because of independence. Simi

How to compute HRA exemption

ESHA AGRAWAL 14 August 2015 at 11:38

What is House Rent Allowance? Employees generally receive a house rent allowance (HRA) from their employers. This is a part of the salary package, in accordance with the terms and conditions of employment. HRA is given to meet the cost of a rented h

Annual return on FLA

CA Vivek chaudhary 11 August 2015 at 10:21

Annual Return on FLA Introduction:FLA stands for foreign liabilities and assets. The filing of annual return on foreign liabilities and assets has been notified under Foreign Exchange and Management Act, 1999. It is mandatory for all Indian resident

Leave travel concession / assistance - Taxation issues

ESHA AGRAWAL 10 August 2015 at 10:40

We go on travel with our families ,if we can get tax benefits, why waste it. Hence the article on Leave Travel allowance or LTA. Have you claimed LTA? Leave Travel Allowance (LTA) is basically defined as the cost of travel granted to e

Gifts received not to be indicated in ITR

Pulkit Agrawal 08 August 2015 at 11:22

Introduction :-As per Section 56 of Income Tax Act 1961, Gift exceeding Rs. 50,000/- is taxable in the hands of Donee and is to be indicated under the head Income from Other Sources in ITRs. But if gifts recei

Filing of Income Tax Return for AY 2015-16 - New Initiatives

Rajesh Kumar Gupta 06 August 2015 at 15:36

After the financial year is over as on 31st march, the next job is to obtain Form 16 or so from Employer(s) and others and file Income Tax Return on or before due date i.e. 31.08

Wait for new income tax returns is over

CA Umesh Sharma 03 August 2015 at 10:36

Karneeti Part 109 ?Tanu weds Manu? returned, ?Bhaubali? returns is awaited, but the wait for New Income Tax ?Returns? is over. Arjuna (Fictional Character): Krishna, Income Tax department has notified all remaining ITR?s for FY 2014-15. As audience w

Interest income on tax refunds

CA SONIYA AGARWAL 03 August 2015 at 10:36

An Assessee is eligible to claim refund of the excess tax paid by him. Tax could be paid in the form of advance tax or tax deducted/collected at source or self - assessment tax or payment of tax on regular assessment. To claim refund, an assessee nee

Co-operative societies and TDS on interest

sivadas chettoor 01 August 2015 at 13:37

INTRODUCTION: This brief article seeks to discuss about the liability of cooperative societies to deduct income tax (Tax Deduction at Source or TDS) at the time

Bajrangi and Bahubali, etc. like now Income Tax Department have target of Crores

CA Umesh Sharma 28 July 2015 at 10:27

Karneeti Part 108Bajrangi and Bahubali, etc. like now Income Tax Department have target of Crores Arjuna(Fictional Character): Krishna, Income tax department on 17th July 2015 has given target to find �New Taxpayers� to the Chief Commiss