Income Tax Articles
whether rental income or business income
Whether Rental Income or Business Income ?The question whether income from property should invariably be taxed under the head “income from house property” is to be decided after taking into consideration the cumulative effect of all facto
MAGNANIMOUS THRESHOLD OF W.TAX IN D.T.CODE
MAGNANIMOUS THRESHOLD OF WEALTH TAX UNDER D. T.CODE-A BOON FOR NON-FILERS BOUNTIFUL MUNIFICENCE OF THRESHOLD LIMIT OF RS.50 CRORE:The direct tax code is unique in its approach in so far it prescribes a threshold limit of Rs.50 Crore. But it is to be
Mediclaim - Life Relief + Tax Relief
MEDICLAIM – Life Relief + Tax Relief Now-a-days people are so busy in their life that they forget the uncertainties with which they are surrounded; likewise they also forget to protect themselves from the outcome of such uncertainties. Let me
New Perquisite Valucation Rules for Salary
New Perquisite Valucation Ruleso 15% of salary.if accommodation is owned by employer if accommodation is owned by employer• For government employees, the value fixed as per central /state government rules.• For other employees, the valuation will dep
A brief view on DT Code
Introduction: One of the most critical drafts of Indian statutes was Income tax Act, 1961. In order to simplify the current tax structure government of India comes with a proposal of introduction of Direct Tax Code (DTC). The new Tax draft has given
The new Perquisites rule - Main changes - Summary
The new Perquisites rules have been notified and the main changes are under perks for Car/ Driver and for ESOP Schemes. The same have been summarized herein for quick reference. For specific conditions, explanations, etc. and other minor changes,1.
Applicability of Sec 40(a)(ia) on year end TDS provisions
Introduction: One of the important aspect during the tax audit is whether payments made towards specified expenditure attracts disqualification u/s 40(a) (ia) and applicability of this section to provisions made at the year end and its implications.
A breif note on IT scrutiny
The below mentioned article broadly covers all important aspects relating to scrutiny proceedings carried out u/s 143(2)/(3) of the Income Act 1961. What is a scrutiny? It is not possible to the Income Tax Department to make regular assessment of al
Recourse available against deductiabilty of TDS u/s 194A
This topic is relating to problems faced by General Insurance companies providing third party insurance:-In most of the cases the accident victim in road accidents are poor and road side people. They will receive money from insurance companies by way
Clarifications to issues some of the issues relating to TDS:
Clarifications to issues some of the issues relating to TDS: 1) Whether capitalization of interest payable attracts TDS U/S 194A?A) Yes, Capitalization of interest payable attracts the provisions of TDS. TDS is to be made on interest payment regardl
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