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Category: Head Of Income

Head Of Income, Income Tax

List of Information which will be Reflected in AIS/TIS (From AY 2023-24 onwards)

February 28, 2023 0 Comments
List of Information which will be Reflected in AIS/TIS (From AY 2023-24 onwards)  
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Article, Head Of Income, Income Tax, IT Judgement, Latest Update, News, other topic, The Planning

Why you should purchase Tax Saving Bond u/s 54EC before 31st March 2018?

Bond u/s 54EC
March 22, 2018 0 Comments
Section 54EC is one of the most preferable sections for saving tax arising from transfer of any long term capital gain. Section 54EC doesn’t discriminate. It is available to all the classes of assessee be it Individual, HUF, Company, ...
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Head Of Income, Income Tax, Interesting Income Tax

MISTAKES TO AVOID INCOME TAX NOTICES

December 9, 2017 0 Comments
Non reporting of Exempt income: One of the reasons for income tax notices is investment by taxpayers not in accordance with the income profile of the taxpayer. There are lot many taxpayers who don’t discloses exempt income on the pretext ...
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Article, Company Law, Controversial issues, Head Of Income, IGST, Income Tax, Interesting Income Tax, IT Judgement, Miscellaneous, NRI Corner, TDS

Taxation of F & O transactions

Taxation of F & O transactions
November 25, 2017 0 Comments
Taxation of F & O transactions Query 1] I am trading in equities; both delivery as well as non delivery based & make short term capital gain (STCG). Whether it will be treated as "Income from Business" or any other ...
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Article, Head Of Income, Income Tax, Tax Planning, The Planning

Merger, Demerger & Amalgamation- Tax implications on shareholder

Merger, Demerger & Amalgamation- Tax implications on shareholder
October 9, 2017 0 Comments
Merger Demerger & Amalgamation Query 1] 1000 equity shares of face value of Rs. 10 in N.F.C Ltd were allotted in March 1991. Consequent to composite scheme of arrangement and amalgamation of three companies, 1100 equity shares of Face value ...
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Company Law, Controversial issues, Head Of Income, Income Tax, Tax Planning

Even small size firm are to get its accounts audited if income offered for taxation is less than 8%  

Even small size firm are to get its accounts audited if income offered for taxation is less than 8%  
September 18, 2017 0 Comments
taxation is less than 8% Query 1] We have 2 small Partnership Firms, one doing trading and other doing profession. Turnover in both the firms is far less than audit limit. Whether for A.Y. 2017-18 audits of all partnerships having even ...
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Article, Head Of Income, Income Tax, Tax Planning, The Planning, Uncategorized

Second house property: Income tax without actual income

Second house property: Income tax without actual income
February 20, 2017 0 Comments
Query 1] The first housing loan has taken by me in year 1994 and I am taking benefit in income tax, rebate of amount of Rs. 50,000/- in interest and some amount in principal. Now, we have taken 2nd loan for ...
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Article, Head Of Income, Income Tax, Tax Planning, The Planning, Uncategorized

Income tax is not always on real Income

Income tax is not always on real Income
February 13, 2017 0 Comments
Query 1] My nephew is working as a LIC agent for the last ten years  In 2011 he has purchased a piece of land for  Rs. 4,00,000/  and the Govt. guideline price for the same as claimed by the registry ...
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Article, Head Of Income, Income Tax, Tax Planning, The Planning, Uncategorized

Keep proper records & documents of expenses for claiming deduction

Keep proper records & documents of expenses for claiming deduction
February 6, 2017 0 Comments
Query 1] We are in the process of selling one house, which is in my wife's name. I have the following queries regarding the capital gain (long term) to be incurred: The land was purchased in the year 1994-95 ...
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Article, Head Of Income, Income Tax, Tax Planning, The Planning, Uncategorized

New retail investors are eligible for tax benefit u/s 80CCG

New retail investors are eligible for tax benefit u/s 80CCG
January 30, 2017 0 Comments
Query 1] In case of salaried Govt. employee, for Income Tax exemptions in general, please advice: What are the options of savings/investments available to employees to claim exemption in income tax in FY 2016-17 other than in Section 80C and ...
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Article, Head Of Income, Income Tax, Tax Planning, The Planning, Uncategorized

Tax implications on relinquishment deed amongst family members  

Tax implications on relinquishment deed amongst family members  
January 23, 2017 0 Comments
Query 1] We are two real brothers and two real sisters. Our father owned a residential house in New Delhi and one plot and a residential house in Nagpur. Our father and mother expired few years ago. After their death, ...
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Article, Head Of Income, Income Tax, Tax Planning, The Planning, Uncategorized

Medical expense on cancer & tax deduction

Medical expense on cancer & tax deduction
January 16, 2017 0 Comments
Query 1] One of my relative is suffering from cancer and getting himself treated from a private hospital. I want to know whether he would be able to avail the deduction u/s 80 DDB and up to what limit and ...
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Article, Head Of Income, Income Tax, Tax Planning, The Planning, Uncategorized

Claim Tax Credit on Foreign Income of a Resident

Claim Tax Credit on Foreign Income of a Resident
January 9, 2017 0 Comments
Query 1] I have the following queries: I am going to teach a course in Telecom B-school, Paris. The honorarium, what will I get, is liable for tax. The confusion is whether, the institute will deduct tax there in Paris or ...
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Article, Head Of Income, Income Tax, Tax Planning, The Planning, Uncategorized

Senior citizens are exempt from payment of advance tax  

Senior citizens are exempt from payment of advance tax  
January 2, 2017 0 Comments
Query 1] I am a Senior Citizen, Tax Payer, having income from Central Civil Pension and Bank Interest (Savings and Fixed Deposits). To obviate delay, several visits to Bank and other hassles in obtaining Form 16(1)-TDS Certificate, I propose to ...
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Article, Head Of Income, Income Tax, Tax Planning, The Planning, Uncategorized

Investment in 5 years fixed deposits also offers tax benefit

Investment in 5 years fixed deposits also offers tax benefit
December 26, 2016 0 Comments
Query 1] As per Income Tax provision, Fixed Deposits falls under section 80C- tax exemption or not? If not, what are the rules? Kindly clarify for the benefit of salaried employee. Second, max life insurance falls u/s 80C tax exemptions or ...
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Article, Head Of Income, Income Tax, Tax Planning, The Planning, Uncategorized

No tax on receipt of accidental death claim

No tax on receipt of accidental death claim
December 19, 2016 0 Comments
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Article, Head Of Income, Income Tax, Tax Planning, The Planning, Uncategorized

Purchase of rural agricultural land below stamp duty value is not liable for notional taxation  

Purchase of rural agricultural land below stamp duty value is not liable for notional taxation  
December 12, 2016 0 Comments
Query 1] I am a senior citizen and having pension and bank interest as income to meet our needs which is not enough. I am in tax bracket of 20%. My son is in job in a different city and he ...
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Article, Head Of Income, Income Tax, Tax Planning, The Planning, Uncategorized

Pradhan Mantri Garib Kalyan Yojna- 2016: Last call to come clean  

Pradhan Mantri Garib Kalyan Yojna- 2016: Last call to come clean  
December 5, 2016 0 Comments
Query 1] One of my relative who was a teacher retired in the year 2013 from municipal corporation school. She stays away from her husband and don't have any children. After her retirement, from her retirement dues she withdraws sum ...
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