Income Tax Articles

Exemption for Leave Travel Concession u/s 10(5) of the IT Act

Prashant Bhosale 07 May 2014 at 12:03

Section 10(5) of the Income Tax Act, 1961 (along with Rule 2B of the Income Tax Rules) governs calculation of tax exemption on LTA. Each year organizations face significant difficulty while calculating tax exemption on LTA when they carry out the yea

TDS U/S 194C: Introduction

pawan tewari 07 May 2014 at 12:02

Simplified version of section 194c: TDS on contract.Let me introduce two dummy persons Mr Ram (expert) Mrs Ram (little idea of provisions of sec 194c.)Mrs Ram: who are required to deduct TDS u/s 194?Mr Ram: Any person who is responsible to pay a resi

Introduction to basic components of salary

Annu Agarwal 03 May 2014 at 11:36

We are surrounded by people working with a handsome salary.What if they are made more smarter with an introduction to some of the basic components of their salary.Hope the readers find it useful!! Sr. No What are We Talking About

Friendly introduction to Income From house Property

Annu Agarwal 30 April 2014 at 11:20

Hello everyone!!Have you ever realized that reading a book alone is always boring as compared to reading the same book along your friends. In this new article of mine, I have tried to discuss the topic in an interactive manner to make it more intere

Section 40(a)(ia): Whether applicable to sum payable at the year end or on all sums during year

Sagar Gupta 22 April 2014 at 12:04

Section 40(a)(ia) of the act was introduced in the Income Tax Act, 1961 by the Finance (No 2) Act, 2004 w.e.f. 01.04.2005 with the view to augment the revenue through the mechanism of tax deduction at source. This provision was bought so as to disall

Overseas shoot not taxable in India

ESHA AGRAWAL 18 April 2014 at 11:56

To facilitate shooting in foreign locations for film and TV Indian production houses utilizes services of overseas entities, the issue then arises whether these payments are subject to tax in India, in the hands of overseas parties. Endemol

Procedure of e-payment & e-filing of TDS return

SRINIVAS 16 April 2014 at 10:49

Due date for TDS Payment.Within seven days from the end of the month in which deduction is ma

Karniti Part-32: Thoughts of Great Three For Taxpayers

CA Umesh Sharma 15 April 2014 at 11:57

Arjuna (Fictional Character): Krishna, Yesterday it was Mahaveer Jayanti, today is Dr. Babasaheb Ambedkar Jayanti and tomorrow is Hanuman Jayanti. What a great coincidence this is! Jayanti of three great soul

NRI - NRO NRE Account difference, Filing Income Tax Return

CA Chirag Chauhan 15 April 2014 at 11:57

According to the Ministry of Overseas Indian Affairs, India has the second largest diaspora in the world. The overseas Indian community estimated at over 25 million is spread across ev

80G Tax Deduction Limit

Dintakurthi Tirumala 11 April 2014 at 11:15

SECTION 80G DEDUCTION ELIGIBLE COMPUTATION According to this section if the donation made to APPROVED FUNDS/CHARITABLE INSTITUTIONS deduction shall be eligible. For the purpose of this section to get deduction/exemption eligibility, donations are c