Secure your future with term insurance. Learn how term insurance can provide peace of mind and protect your loved ones in times of emergencies.
These days, having a Mediclaim policy in India is not a choice but a necessity. Your daily requirements and needs change with time, so do your health insurance needs. The basic health insurance cover that you had at the age of 25 years may not fulfill your insurance requirements of at the age of 40 […]
Section 115JB was inserted by the Finance Act, 2000, w.e.f. 01/04/2001. It had replaced Section 115JA, which was inserted by the Finance Act, 1996 w.e.f. 01/04/1997. Section 115JA was replacement of earlier Section 115J, which was inserted by the Finance Act, 1987 w.e.f. 01/04/1988. The objective and philosophy of the provisions of Section 115J, Section 115JA and Section 115JB are same; however, the method of computation has been slightly changed in these sections.
Agriculture income is exempt under section 10(1) of the Indian Income Tax Act but While computing tax on non-agricultural income agricultural income is also taken into consideration and when we compute tax taking agriculture income into consideration we pay tax on agriculture income also.
Introduction- The topic of taxation of capital gains on real estate transaction under the income tax act is live and ever interesting topic from point of view of all concerned with such taxation. This is one set of provisions in the Act which has raised maximum number of issues of interpretation. In the recent years several amendments have been brought about in the income tax act relating to computation and chargeability of capital gain. Frequent changes have only added to the complexity of an already complicated subject.
In today’s world employers have become increasingly motivated to make the employees a part of their wealth creation process. A scheme of Employee Stock Option (‘ESOP’) is one such process where employers reward employees by making them partners/ rightful owners in wealth which they have build together by issuing shares in the entity at a discounted price which otherwise is available at higher price in the market due to various reasons such as market expecting to reap the reserves sitting in the books of accounts, goodwill generated by the Company in the market, expected discounted cash flow forecasts of the Company etc .
Deduction in respect of interest on loan taken for residential house property(Section 80EE): Vide Finance Act 2013, an individual is allowed a deduction upto a limit of Rs 1,00,000 being paid as interest on a loan taken from a Financial Institution, sanctioned during the period 01-04-2013 to 31-03-2014 (loan not to exceed Rs 25 lakhs) for acquisition of a residential house whose value does not exceed Rs 40 lakhs. However the deduction is available if the assessee does not own any residential house property on the date of sanction of the loan.
CBDT extends the due date for furnishing return of income, from 31st August, 2018 to 15th September, 2018, in case of Income-tax assessees in the State of Kerala, who are liable to file their Income-tax returns by 31st August, 2018. F.No. 225/242/2018/ITA.II Government of India Ministry of Finance Department of Revenue Central Board of Direct […]
Between January and April, 2009 a number of suits were filed against IC and A and B in various jurisdictions in the United States claiming damages. The suits were based on tort, misrepresentation, deceit, fraud and so on. In terms of the procedural laws of the United States, the suits were directed to be consolidated. The suits were consolidated and Lead plaintiffs and Lead counsel were appointed to pilot the class action on behalf of the eligible claimants for damages.
The controversy as to whether the payment received by an employee by way of leave encashment at the time of his resignation from service, is entitled to exemption U/S 10 (10AA) of the Income-Tax Act 1961 ( the Act), still continues, though the Hon’ble High Courts of Bombay and Madras have held that the benefit of S.10(10AA) of the Act is available even in case of resignation.
