Income Tax Articles

Whether UPS is a part of the Computer System.

Posted by Nilesh Shah 11 April 2008 27710 Views

Nilesh Shah Writes:Cell: 92246-59941E mail: nilesh63@vsnl.com Whether UPS (Uninterrupted Power Supply) is a part of Computer System entitled to depreciation @ 60%The expression 'Computer' has not been defined in the Act. However, it has been defined

When is Interest on fixed deposit business income.

Posted by Nilesh Shah 11 April 2008 28261 Views

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

Posted by Nilesh Shah 11 April 2008 11775 Views

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

Posted by Nilesh Shah 11 April 2008 8035 Views

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

Posted by CA. Amit Daga 01 April 2008 13071 Views

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.

Posted by RAJAN GUPTA 01 April 2008 37247 Views

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

Posted by Manasi 27 March 2008 55520 Views

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

Posted by RAJAN GUPTA 27 March 2008 23723 Views

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

Posted by RAJAN GUPTA 26 March 2008 7761 Views

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

Posted by CA Praveen Chopra 25 March 2008 19545 Views

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