Income Tax Articles

When is Interest on fixed deposit business income.

Nilesh Shah 11 April 2008 at 18:37

Nilesh Shah writes:Cell: 92246-59941E mail: nilesh63@vsnl.comInterest on fixed deposit with bank-when business income.Where the assessee makes an investment by way of fixed deposit with a bank as a condition for getting bank guarantee for purposes of

IT & Employer's & Employees' contribution to provident fund

Nilesh Shah 11 April 2008 at 12:41

Nilesh Shah writes:Cell; 92246-59941E Mail: nilesh63@vsnl.comLaw of Income tax on Employers & Employees' contribution to Provident Fund.First I will deal with Employer's contribution to Provident Fund.Section 43B of the Income tax Act deals with

FBT & Presumptive tax

Nilesh Shah 11 April 2008 at 12:41

Nilesh Shah Writes:Cell : 92246-59941E Mail: nilesh63@vsnl.comSub: FBT & Presumptive tax.How will FBT be levied when the assessee has availed the scheme of presumptive tax ?. _In order to answer this question it is necessary to understand the s

Tax deduction allowed on LTA

CA. Amit Daga 01 April 2008 at 20:30

Leave travel assistance (LTA) is generally paid as a part of the remuneration of employees. With some proper planning, an employee can save some tax through this mode. The LTA amount is received from the employer towards a journey within India. LTA i

HOW TO PAY ONLINE INCOME TAX.

RAJAN GUPTA 01 April 2008 at 15:54

As you may know that income tax payment online would be mandatory from 1/04/08 (PRESS RELEASE HAS BEEN ISSUED BY CBDT READ THIS). As per press release and rule amended there after the following person are required to deposite Income tax online 1.Al

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