Income Tax Articles

How to take maximum tax advantage of House Rent Allowance (HRA)?

Deepak Nagori 03 January 2014 at 12:49

Maximum Tax Advantage of House Rent Allowance (HRA)House Rent Allowance (HRA) is provided by an employer to his employee to meet the rental cost of the residential house of the employee.

All About TDS Saving Forms 15G & 15H

Palak Aggarwal 02 January 2014 at 13:06

Form 15G and Form 15H are self declaration forms required to be furnished by the Assessee to his banker to avoid the tax deducted at source (TDS) on his/her investments.As per Section 194A of the Income Tax Act, 1961, all banks and financial institut

NHB Tax free Bonds- An Insight

Ashish Kedia 31 December 2013 at 13:37

Very warm Christmas wishes to one and all!! National Housing Bank (NHB) has decided to play Santa this Christmas and has announced an issue of tax free bonds with coupon/ interest rates as under: 10 year 15 Year 20 year

Stability of Laws is not undesirable

CA Anil Garg 28 December 2013 at 16:37

If there were to an international survey on stability of tax laws or the absence of it, India should undoubtedly be at the top in absence of it. Governments, both state and centre, work overtime to churn out amendments and new circulars/notifications

Karniti Part-16: Tax planning for Children is not a child's play

CA Umesh Sharma 23 December 2013 at 11:16

Income Tax planning for Childrens is not a childs play.Arjuna (fictional character): Dear Krishna, the festival of Christmas is being celebrated all over the world very joyfully. In this festival Santa Clause make exchange of gifts to a

Rent Free accommodation and Taxation

TKKKKKK 20 December 2013 at 15:40

When employer provides employee facility of rent free accommodation. value of it is taxable as a perquisites in salary head of income tax.For calculating perquisites value taxpayer has to follow two steps.step 1: find out unfurnished accommodatio

Loan provided to employees- Perquisite calculation - Part II

T E Gautham 10 December 2013 at 17:57

In an earlier previous post, we had a look at the basis of perquisite calculation on loans provided to employees and members of their household. According to Rule 3 (7)(i) of the Income Tax rules, the taxable value of benefit an employee derives on a

Power to call for general information u/s 133(6)

sivadas chettoor 09 December 2013 at 11:36

POWER TO CALL FOR GENERAL INFORMATION U/S 133(6) OF THE INCOME TAX ACT 1961- A STUDY INTRODUCTION:The Hon Supreme Court of India, in August 2013, pronounced its judgment in Kathiroor Service Cooperative Bank Ltd & Others V Commissioner of

Loan provided to employees- Perquisite calculation - Part I

T E Gautham 06 December 2013 at 13:29

We find many payroll managers being unaware that loans provided to employees (by the employer) are taxable in the hands of the employees. The typical reactions (from payroll managers) we come across when we talk about taxability of loans provided to

Karniti Part-13: Dear, Pay tax on "House" and Relax at "Home"

CA Umesh Sharma 03 December 2013 at 11:38

Taxation on Purchase or Sale of House PropertyArjuna(fictional character): O Lord Krishna, food, clothes and house, being the basic necessities of life, hold an important place in human life. But nowadays lot of money is needed to buy or construct a