Oct 30, 2013

Stay in India would determine the residential status for going abroad for job

Assessee needn’t be unemployed while going abroad for a job; only stay in India would determine his residential status     Where st...

SMS alerts charges should be use basic and not monthly basic-RBI

The Reserve bank of India has asked the banks to charge the customers on the actual usage bank for the SMS alert instead of fixed charges ...

Custom imposes anti-dumping duty on paracetamol

Custom department has imposed anti-dumping duty on paracetamol. This is the powder of drug of which medicines are made. Anti-dumping duty ...

Oct 29, 2013

How NRIs can avoid TDS as form 15G is irrelevant

Anil aggarwal is a NRI (Non resident Indian) living in the United states from the last 8 years. He has the interest income from India whic...

Deduction allowed on income from salary u/s 16 of income tax

Entertainment Allowance [Section 16(ii)]: A deduction is also allowed under section 16(ii) in respect of any allowance in the nature of ...

Oct 24, 2013

How to transfer the PF account while change the job

One of the important things to be taken care of when you shift jobs is the transfer of your accumulated Provident Fund (PF) amount. It is ...

Oct 23, 2013

Insurance for online fraud coming to India

This is the time of uncertainty. We want get insured for almost all the things like life, health, vehicles, stock, property and so on. So ...

Oct 22, 2013

Section 80E deduction for interest on loan for education for asst year 2014-15

Deduction in respect of interest on loan taken for higher education (Section 80E): Section 80E allows deduction in respect of payment ...

How to claim lease equalization charges as per income tax act

ITAT devises formula for claiming lease equalization charges – gap of annual lease charges and depreciation as per Income-tax Act     ...

Custom circular about Applicable CVD on steam coal imported from Indonesia

Custom department has issued a circular no. 41/2013 dated 21 October 2013 about applicable CVD on steam coal imported from Indonesia under...

Oct 21, 2013

Income tax deduction under section 80C for Asst year 2014-15

Deduction in respect of Life insurance premia, deferred annuity, contributions toprovident fund, subscription to certain equity shares or ...

Oct 20, 2013

Section 80U income tax deduction with respect of disability

 Under section 80U, in computing the total income of an individual, being a resident, who, at any time during the previous year, is certif...

Section 80CCC deduction in income tax on salary

Section 80CCC allows an employee deduction of an amount paid or deposited out of his income chargeable to tax to effect or keep in force a...

Oct 18, 2013

Leave travel concession LTC exemption rule 2B u/s 10(5) of income tax

The following are the important points, to be taken into consideration, for claiming exemption u/s 10(5) of the Act read with Rule 2B of t...

Income tax Reverse Mortgage scheme 2013

The income tax department issued a notification no. 79/2013 dated 7 October 2013 about Reverse Mortgage amendment scheme 2013. Full notifi...

Oct 17, 2013

Bounced cheque fine can't be more than double

The Honorable Supreme Court has held that courts can not impose a fine more than double the amount of cheque in the case of bounced cheque...

Oct 16, 2013

No TDS u/s 194 I on one time payment of lease premium to acquire a leashold land

Where payment of lease premium was not made on periodical basis but it was one-time payment to acquire land with right to construct a comm...

Oct 15, 2013

No TDS on FTS if service utilized for business carried abroad

In the instant case, two moot questions were raised before the ITAT which were as under: A. Liability of tax deduction on overseas commis...

Oct 14, 2013

Income tax rule 3(2) on perquisite on motor car provided by employer

Perquisite on Motor car provided by the Employer [ Rule 3(2)]: (1) If an employer provides motor car facility to his employee the value ...