Income Tax Articles

Karniti Part-12: Income of Trusts, then follow & trust Indian law

Posted by CA Umesh Sharma 26 November 2013 20510 Views

Finance and Income Tax of Charitable TrustsLet us try to get answers to our questions in a bit different and joyful manner. The fictional character of Arjuna will be played by the common man or tax payer and the fictional character of Krishna the Exp

Calculation of Tax Exemption on LTA

Posted by T E Gautham 25 November 2013 103205 Views

In an earlier post we looked at the conditions governing tax exemption on leave travel allowance (LTA). In this post we will look at the calculation of the tax exemption amount. As mentioned in the earlier post, the exemption is available only on tra

Tax Exemption on Leave Travel Allowance

Posted by T E Gautham 23 November 2013 31732 Views

As a company engaged in the business of payroll processing and statutory compliance related to payroll, we wonder if the tax law governing tax exemption on Leave Travel Allowance (LTA) is among the most complex tax legislations in India. Each year or

Inflation Cost - Allowability under Business Head of the Income Tax Act,1961

Posted by Raghavendra Prasad M 23 November 2013 16793 Views

Sri S.S.Tarapore, retired Dy. Governor , Reserve Bank of India, and a popular columnist in The Hindu Business Line, Eenadu dailies time and again requests the RBI authorities to do justice to the poor depositors by payi

Karniti Part:11 "Sachin" like Retirement & its Financial Planning

Posted by CA Umesh Sharma 18 November 2013 22886 Views

Karniti Part 11 (Sachin Tendulkar Special)Sachin like Retirement and its Financial PlanningKeeping conversation between Lord Krishna and Arjuna as the foundation we will learn certain basic financial and tax matter. Let us try to get an

House Rent Allowance - A tool of Tax planning for employees

Posted by CA Chandra Kishore Bajpai 13 November 2013 115172 Views

House Rent Allowance (HRA) is second component which is found in each pay slip after basic salary. This is the major contributor in tax relief for the employee who reside in rented house during his/her employment.Generally employee submits Rent recei

Karniti Part-10: After Diwali,Take care of health exps & Income Tax

Posted by CA Umesh Sharma 12 November 2013 16928 Views

Medical Expenses and Income Tax Arjuna: Madhava, just now Diwali festival has been celebrated. On the occasion of Diwali, we have discussed how books of accounts to be maintained and if one has to start new business then which tax laws are required

Shastrarth: Taxation of Gifts on Diwali

Posted by Abhinav 07 November 2013 24401 Views

Shastrartha: Taxation of Gifts received on Diwali Man: Hey Lord! The festival of Diwali has brought us closer to our relatives. The exchange of blessings, gifts, sweets arouses the love that exists amongst us. God: It is good to enjoy but never fo

Karniti Part9: Starting New Business! Follow the Laws!

Posted by CA Umesh Sharma 05 November 2013 17641 Views

Arjuna: Dear Krishna, After Laxmipujan, on Padva, New Year is starting. Many new business ventures and activities are inaugurated on this auspicious occasion. In Diwali festival this day have a great importanc

Karniti Part8: Maint & Workship of Books of Accounts in Diwali

Posted by CA Umesh Sharma 31 October 2013 18214 Views

Maintenance of Books of Accounts and their Workship on the eve of Diwali Arjuna: Krishna, the festival of Diwali has arrived. Housewives (Gruhlaxmi) are busy in cleaning and decorating homes. Businessmen are also busy in the market. Accordingly plea