Income Tax Articles

Why we should file the return? If salary is less than 5 Lakh

Abhishek Ranjan Singh 27 February 2012 at 12:55

Why we should file the return? if CBDT exempts return-filing for salaried having total income upto Rs 5 Lakh. IN MY OPINION IT IS ALWAYS BETTER TO FILE THE RETURN Some reasons:- 1.The tax department has notified that individuals with salary

Exemption from Filing Income Tax Return

Kapil Dev Sanghai 24 February 2012 at 12:04

The Central Government has exempted certain class of persons from filing the income tax return subject to following condition: 1. Assessee should be individual 2. Income does not exceed Rs. 5 Lac 3. Income is chargeable under Salaries Intere

Beware of your Banker!

Prof. Bajaj 23 February 2012 at 17:51

Welcome Mr. Mehta, What can do I for you ? said Jenny, a relationship manager working with a leading private sector bank, to the bank customer Mr. Mehta, who himself is a tax consultant. I just wanted to deposit these cheques

FAQ / Oltas / e-TAX Payment

Guest 22 February 2012 at 15:29

What is e-payment of taxes? This is a facility provided to the taxpayers to make income tax payments through internet, using net-banking facility. How can I use this facility to pay income tax? You can use the facility if - a) You have a bank ac

Stuck with a wrong Policy? Get over it!

Prof. Bajaj 21 February 2012 at 11:43

Where were you all these days? Why didnt you come when I was making all these mistakes ?? asked Dr. Rajesh Sharma, a 32 year old surgeon, sitting on a sofa in his drawing room. Mrs. Ragini Sharma, his wife, came rushing out to

A stitch in time, saves nine!

Prof. Bajaj 07 February 2012 at 13:00

Hi Niraj, How are you doing today. Said Mr. Shrikant Desai, a 45 year old businessman to his nephew Niraj, a 29 year old IT Professional. Hey Uncle, Good to see you, Said Niraj. We are meeting after a pretty long

Tax benefit differently able

CA Chirag Chauhan 06 February 2012 at 13:38

Tax benefits to individual who are differently able, Parents who have dependents who are differently able including minor and certain benefits to private sector for providing employment opportunities to differently able As per recent estimate there

TDS u/s 194C-(Applicability in certain cases)

Yogesh Agarwal 02 February 2012 at 16:41

The section deals with the deduction of tax at source from the payment made to contractor. However, I am not dealing with the whole provision of the section but only with the contract for printing job or rather say manufacturing or supplying a pro

Do we really understand the meaning of risk?

Prof. Bajaj 02 February 2012 at 16:40

The other day, I was talking to a friend of mine, Sunil (name changed), when he told me that he is looking for a good life insurance policy for his father, who is 65 years old. Sunil also said that most of the policies do not cover his father and

Understanding capital and revenue receipt and expenditure

Manish Kumar Agarwal 31 January 2012 at 15:37

There is always a dispute in respect of capital & revenue receipt & expenditure. Lets clarify the same with the help of some of the latest judicial decisions in this respect. Non Compete Fees : Non compete fee received by assess