Income Tax Articles

Belated Return

Manasi 27 March 2008 at 20:45

Better Late then Never It is the statutory obligation of every person to furnish a return of taxable income, where the total income in any relevant financial year exceeds the maximum amount which is not chargeable to income tax. The return of income

Life insurance premium paid and claim u/s 80C

RAJAN GUPTA 27 March 2008 at 17:15

Important Pointshould keep in mind while claiming deuction on life insurance premium paid u/s 80C are given below: Deduction u/s 80c of income tax is available to Individual and Huf Assessee. Maximum total eligible amount under this head (LIFE insu

PAY LESS STCG AFTER BUDGET -HOW

RAJAN GUPTA 26 March 2008 at 12:14

Dear friends ,As you know in budget 2008 ,our Finance Minister has increased the short term capital gain on share transaction, on which securities transaction tax (STT) has been paid, from 10% to 15 % .This has been done under section 111A for indian

Deferred Tax

CA Praveen Chopra 25 March 2008 at 19:54

Budget 2008 : Proposal to add back deferred tax for book profits not in harmony with MAT objectives MARCH 24, 2008By Praveen ChopraTHE purpose behind introduction of MAT was to tax Corporates which distributed substantial dividends without paying any

Deduction for Higher Education Loan 80E

RAJAN GUPTA 25 March 2008 at 10:53

Relevant clause of section are reproduced hereunder for ready reference :80E. (1) In computing the total income of an assessee, being an individual, there shall be deducted, in accordance with and subject to the provisions of this section, any amount

What to Check before investing for Section 80C

SSA JI 24 March 2008 at 19:00

What to Check before investing for Section 80C or How to Make Best Use of Section 80CMost of the Income Tax payee try to save tax by saving under Section 80C of the Income Tax Act. However, it is important to know the Section in toto so that one ca

Acquisition and Transfer of Immovable Property : FAQ

Aisha 24 March 2008 at 12:51

Acquisition and Transfer of Immovable Property in India by a person resident outside IndiaFrequently Asked Questions (FAQs)Acquisition and Transfer of Immovable Property in India by a Person Resident outside IndiaAcquiring immovable property in India

Explanation To Section 73 Of The Income Tax Act .

CA. Amit Daga 21 March 2008 at 18:23

Explanation To Section 73 Of The Income Tax Act .\Section 73 of the Income Tax Act, 1961 deals with carry forward and set off losses from speculation business. Explanation to Section 73 is a deeming provision wherein if specified conditions are satis

Fringe Benefit Tax - At A Glance

CA. Amit Daga 21 March 2008 at 18:23

Fringe Benefit Tax - At A Glance INTRODUCTION The Finance Act, 2005 has imposed a new tax - The Fringe Benefit Tax (FBT). The provisions relating to this new tax are contained in new Chapter XII-H (sections 115W to 115WL) of the Income Tax Act, 1961