Income Tax Tips

Presumptive taxation U/s. 44AD, 44ADA, 44AE with FAQs

Income Tax - To give relief to small taxpayers from the tedious job of maintenance of books of account and from getting the accounts audited, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD, section 44ADA and section 44AE....

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Profits and Gains from Business and Profession – Brief Study

Income Tax - In this Article we have discussed briefly Different Provisions Applicable to Income from Business and Profession at one place. In coming articles we will also discuss Income Tax provisions related to Capital Gain & Income from Other Sources. ...

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Tax Benefits Available to Senior Citizens

Income Tax - A person becomes senior citizen under Income Tax Act in any year after attaining the age of 60 even for one day. Once he attains 60 years, his status as senior citizen in that financial year, gives him some relief .There are not many income tax exemptions available for senior citizens. ...

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Computation of Income Tax – FAQs & Examples

Income Tax - Q.1 Under how many heads the income of a taxpayer is classified? ​​​Ans: S​ection 14​ of the Income-tax Act has classified the income of a taxpayer under five different heads of income, viz.:...

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FAQs on Provisions useful for non-residents

Income Tax - Every year the residential status of the taxpayer is to be determined by applying the provisions of the Income-tax Law designed in this regard (discussed later) and, hence, it may so happen that in one year the individual would be a resident and ordinarily resident and in the next year he may become ...

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Investors – Don’t Miss to watch Plan F program on CNBC TV 18

Income Tax - CA Sandeep Kanoi I just came to know about one very interesting investor education initiative called “Plan F- your financial fitness plan” and thought of sharing the same with you all. My very dear friend and blogger Manish Chauhan of www.jagoinvestor.com shared the program details with me and I would like to pass on details about t...

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Taxability of IIFCL Tax Free Bonds – Issue opening on 26 Dec 2012

Income Tax - India Infrastructure Finance Company Limited Issue Period: 26 Dec 2012 to 11 Jan 2013 Key Benefits: Credit Ratings: AAA by CARE, AAA (Stable) by ICRA and BRICKWORK Interest on these Bonds is Tax-Free, no TDS is applicable, Wealth Tax is not levied No lock in period and no upper limit on investment amount Issue Size: […]...

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Sell Investment in shares made less than a year ago to lower tax burden

Income Tax - If you are sitting on unrealised losses on equity investments made less than a year ago, here is some consolation. Those unrealised losses can be used to lower tax liabilities for the current financial year. Tax experts are advising investors to book their losses on or before March 31 this year and buy back those […]...

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Recent Posts in "Income Tax Tips"

Presumptive taxation U/s. 44AD, 44ADA, 44AE with FAQs

To give relief to small taxpayers from the tedious job of maintenance of books of account and from getting the accounts audited, the Income-tax Act has framed the presumptive taxation scheme under sections 44AD, section 44ADA and section 44AE....

Read More
Posted Under: Income Tax | ,

Profits and Gains from Business and Profession – Brief Study

In this Article we have discussed briefly Different Provisions Applicable to Income from Business and Profession at one place. In coming articles we will also discuss Income Tax provisions related to Capital Gain & Income from Other Sources. ...

Read More
Posted Under: Income Tax | ,

Tax Benefits Available to Senior Citizens

A person becomes senior citizen under Income Tax Act in any year after attaining the age of 60 even for one day. Once he attains 60 years, his status as senior citizen in that financial year, gives him some relief .There are not many income tax exemptions available for senior citizens. ...

Read More

Computation of Income Tax – FAQs & Examples

Q.1 Under how many heads the income of a taxpayer is classified? ​​​Ans: S​ection 14​ of the Income-tax Act has classified the income of a taxpayer under five different heads of income, viz.:...

Read More
Posted Under: Income Tax | ,

FAQs on Provisions useful for non-residents

Every year the residential status of the taxpayer is to be determined by applying the provisions of the Income-tax Law designed in this regard (discussed later) and, hence, it may so happen that in one year the individual would be a resident and ordinarily resident and in the next year he may become ...

Read More
Posted Under: Income Tax | ,

Clubbing of Income under Income Tax Act, 1961 with FAQs

Clubbing of income means Income of other person included in assessees total income, for example: Income of husband which is shown to be the income of his wife is clubbed in the income of Husband and is taxable in the hands of the husband. Under the Income Tax Act a person has to pay taxes on his income....

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Posted Under: Income Tax | ,

Taxation of Capital Gain in India – FAQs

What incomes are charged to tax under the head Capital Gains? Ans: Any profit or gain arising from transfer of a capital asset during the year is charged to tax under the head Capital Gains.​...

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FAQs on Income from house property

Is rental income from sub-letting chargeable to tax under the head Income from house property? Ans: Rental income in the hands of owner is charged to tax under the head Income from house property. Rental income of a person other than the owner cannot be charged to tax under the head Income from house property....

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Deduction u/s. 80C for tuition / school / education fees

Deduction for tuition fees u/s. 80c of the Income Tax Act 1961 is available to Individual Assessee and is not available to HUF. Maximum Child: Deduction under this section is available for tuition fees paid on two children’s education. If Assessee have more then two children then he can claim tuition fees paid of only two children’s. ...

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Income Tax Benefits available only to Individuals & HUFs

Article disusses- Tax Rate and Relief available to Individual and HUF, Income Exempt from Tax of Individual and HUF, Deductions allowable from Taxable Income to Individual/ HUF, benefits available for Individual and HUF having Income from Business and Profession, ...

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Posted Under: Income Tax | ,
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