Lakesh Kumar

Gift is usually used to convert black money into white money. To stop practice of converting black money into white money a section 56(2)(Vii) introduced by Finance Act , 2009 and amended by Finance act , 2010. This section deals with law of taxation of gift....

Income Tax Benefit on Home Loan Interest under Section 80EE Of Income Tax Act relating to the additional deduction in respect of interest on loan taken for residential house property....

Section 185 is applicable to a public company as well as private company. This section applies to loan etc. given by a company directly or indirectly. Indirectly means company can not give loan through the agency of one or more intermediaries. ...

Lakesh Kumar Treatment of Medical Facilities AND Interest free Loan or Loan at Concessional rate of Interest As we know many facilities and perquisites provided by employer to their employees. Medical facilities and Interest free loan or loan at concessional rate is one of them. I always try my best to make understand the users […]...

Lakesh Kumar Introduction:–This is a new tax, applicable from 1st June, 2013, deducted at source on the sale of any immovable property (other than agriculture land). However this section applicable only when sale consideration of the immovable property more than 50 Lacs. This provision introduced by The Finance Mini5ster to improve ...

Alternate minimum tax means the Amount of tax computed on the adjusted total income.AMT is a way collecting the minimum tax from the tax payers. Assessee shall be liable to pay tax on such income at a rate eighteen and one-half per cent (18.5%).It is not an additional tax levied on the taxpayer....