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Reminiscences of a CCIT:  Management, Social Obligations and Charity

Binoy Gupta* What really is good management? I think in real life, you are a good and successful manager, if you have managed all the good things of life – a good wife, good postings, trainings abroad, etc. I had a couple of officers flying to Delhi almost every week. Their total air travel bills […]...

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Posted Under: Income Tax |

Reminiscences of a CCIT: Public Relations, Grievances and Corruption

The most important aspects of a public service, public oriented, public contact department, like the Income Tax, are public relations, grievances and corruption. It is extremely important to handle these aspects in a meaningful and effective way....

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Posted Under: Income Tax |

Angel Taxation in India

Who are angel investors?Page ContentsWho are angel investors?What is Angel Tax?Legal Position of  Angel Taxation in India Meaning of Fair Market ValueConclusion to Angel Taxation issue Angel investors (also called informal investors, angel funders, private investors, seed investors or business angels) are affluent individuals who inject ...

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Posted Under: Income Tax |

Residential Status of an Individual- Q & A

Residential Status of an Individual under Income Tax Act, 1961 Page ContentsResidential Status of an Individual under Income Tax Act, 1961 Q 1) What is determining of residential status?Q 2) Why is residential status is important? Q 3) How to determine residential status of an Individual?Q 4) Is there any special case when 2nd basic [&hel...

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Posted Under: Income Tax |

Reminiscences of a CCIT: To study or not to study……is the question

I retired on 30th September 2005 as Chief Commissioner of Income Tax I, Chennai - after completing 37 years of highly satisfying service in the income tax department. I received several requests to write about my experiences. This small summary is the result of my ramblings....

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Posted Under: Income Tax |

Submit Forms 15G and 15H by year end but take certain care

Submit 15 G or 15 H before the year end to avoid tax deduction from your interest Page ContentsSubmit 15 G or 15 H before the year end to avoid tax deduction from your interest  When can the bank deduct tax at source?  Who can submit form No. 15G? Who can submit form No. 15H? What precautions […]...

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Taxability of Gifts In India

GIFT TAX: The tax levied on the gifts that you have received in money or its worth and which is over and above a certain set limit by the Indian law is known as gift tax. Income tax on gifts helps regulate the gives which is given to you by a person who is not a close relative as per the definition of Income Tax Law of India....

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HRA Exemption for Salaried Employees for FY 2018-19

House Rent Allowance rules and regulationsPage ContentsHouse Rent Allowance rules and regulationsHouse Rent Allowance (HRA) – Factors Deciding ExemptionExample for calculation of exemption/deduction of HRAFrequently Asked Questions on House Rent Allowance (HRA):- 1. What are the dependent factors in calculating HRA for the salaried indi...

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Posted Under: Income Tax |

Application of Income V/s Diversion of Income

One of the 1st concepts that you would have studied in Income Tax- Application of Income V/s Diversion of Income. Very simple yet confusing!!!! In this blog we will discuss and try to put some light on these two basic concepts. Let’s get started- 1. Application of Income means spending of Income after it is […]...

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Posted Under: Income Tax |

6 Basic things to know of Income Tax

Are you just out of college and looking for job or starting of new business? or have you already got a job or started business and going to filing your first time income tax return. If you are getting confused about income tax this article “Let’s Talk About Tax” will help to you. our motivation […]...

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Posted Under: Income Tax |