Income Tax Articles

Insurance Planning and Tax Saving goes Hand-in-Hand

Posted by Anand Satyapanthi 24 August 2015 6454 Views

Planning ahead is not only crucial but also fetches tax benefits. Buying life insurance for example fetches tax deductions on premium paid and the maturity amount received is tax exempt under section 10 (10D). Not only this, the assesee also gets ded

Case Study: Is tax paid by employer on behalf of employee - exempt u/s. 10(10CC)?

Posted by CA Sukriti Jain 20 August 2015 23545 Views

A detailed analysis of Exemption under Section 10(10CC) alongwith the provisions of Section 17(2), 40(a)(v), 192(1A), 195A, 198, 199, 200 and 203 of the Income Tax Act, 1961. Highlighting the ruling under Sedco Forex International Drilling Inc. (2012

How to Fill Income tax return form - Tax consultant in India

Posted by Neeraj Sharma 19 August 2015 12253 Views

File your tax returns before August 31It�s time to pay more attention as the income tax department seeks more disclosures to catch tax evaders.THIS is the time of the year when people run around for filing their income tax return. This year the

Kabaddi between taxpayer and income tax! Enjoy it!

Posted by CA Umesh Sharma 17 August 2015 7255 Views

Karneeti Part 111 Kabaddi between taxpayer and income tax! Enjoy it! Arjuna (Fictional Character): Krishna, Nowadays interesting matches of Pro-Kabaddi are going on. This is the second year of Pro-Kabaddi Match Series. The game of kabaddi is gaining

Black Money (Undisclosed Foreign Income And Assets) and Imposition Of Tax Act, 2015

Posted by CA. Atul Khurana 17 August 2015 10322 Views

In India, Black money refers to funds earned on the black market, on which income and other taxes have not been paid. But Indian Govt. took a very great step against the black money and a step to assess this income whether the income is located in In

Independence to small taxpayer if his profit is above 8%

Posted by CA Umesh Sharma 14 August 2015 16223 Views

Karneeti Part 110Independence in 8th Month, but for Small taxpayer if, its profit above 8%.Arjuna (Fictional Character): Krishna, Independence Day of our country is coming closer on 15th August. All citizen lives happily because of independence. Simi

How to compute HRA exemption

Posted by ESHA AGRAWAL 14 August 2015 25617 Views

What is House Rent Allowance? Employees generally receive a house rent allowance (HRA) from their employers. This is a part of the salary package, in accordance with the terms and conditions of employment. HRA is given to meet the cost of a rented h

Annual return on FLA

Posted by CA Vivek chaudhary 11 August 2015 52607 Views

Annual Return on FLA Introduction:FLA stands for foreign liabilities and assets. The filing of annual return on foreign liabilities and assets has been notified under Foreign Exchange and Management Act, 1999. It is mandatory for all Indian resident

Leave travel concession / assistance - Taxation issues

Posted by ESHA AGRAWAL 10 August 2015 16747 Views

We go on travel with our families ,if we can get tax benefits, why waste it. Hence the article on Leave Travel allowance or LTA. Have you claimed LTA? Leave Travel Allowance (LTA) is basically defined as the cost of travel granted to e

Gifts received not to be indicated in ITR

Posted by Pulkit Agrawal 08 August 2015 15813 Views

Introduction :-As per Section 56 of Income Tax Act 1961, Gift exceeding Rs. 50,000/- is taxable in the hands of Donee and is to be indicated under the head Income from Other Sources in ITRs. But if gifts recei