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Deductions u/s 80 for Salaried employees under Indian Income Tax
The Income Tax Act provides that on determination of the gross total income of an assessee after considering income from all the heads, certain deductions there from...
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Would GST make Imports Costlier or Cheaper? An Insight
There are different types of taxation and the duties that are sure to have effect on the imports. Whether the GST makes imports costlier...
GST & Changes in the Job Work rules
Meaning of Job work:
Where a person manufactures or produces on behalf of any other person (Raw material Supplier) such person are referred to as...
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SERVICE TAX
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- GST
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- Income Tax
- Indirect Taxes
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- SERVICE TAX
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Comparison between different periodic money back policies of LIC
Money back policies are an instant hit with the people as they fulfill the purpose of investment for general public, especially the middle class...
LATEST REVIEWS
Receiving a gift of more than Rupees 50,000 could be a...
Receiving a gift more than rupees 50,000/- is taxable under the current tax regulations. The Indian gift tax Act was constituted on April 01,...
Stock Market and Investing
Offences under Chapter XXII of the Income Tax Act, 1961
Chapter XII of the Income Tax Act, 1961 dealing with the offences is always important for anyone concerned about the law relating to Income...
Lawful tax planning does not amount to an offence
Tax evasion is an offence and should always be avoided. A tax planning till it is lawful does not only reduce the tax burden of a tax payer but...
Process of charging interest under section 234 of IT Act
Process of charging interest under section 234 of IT Act
Income Tax Act as a statute:
Income Tax Act 1961 ( as amended by the Finance...
Law Relating to Gift Tax in India
Law Relating to Gift Tax in India
In the earlier times in India cash gifts of up to Rs 50,000 were tax free but if...
Miscellaneous
Section 36(1)(iii) – Averting Interest Expenditure
The present petition desired by the assessee Hero cycle (p) Ltd is relevant to the Assessment Year 1988-1989.
Section 36(1)(iii) – Averting Interest Expenditure.
Income tax...
