Category: Ministry of Finance
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Income Tax Settlement Commission-application process
The Income Tax Settlement Commission (ITSC) is an important Alternate Disputes Resolution (ADR) mechanism for resolving tax disputes relating to Direct Taxes. At present, four benches of the Settlement Commission are operational at New Delhi, Mumbai, Kolkata and Chennai, respectively.
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Conditions to get waiver of interest
Three conditions specified in Section 220 (2A) of the Income Tax Act should be cumulatively satisfied by an assessee to claim waiver of interest levied under Section 220 (2) of the Act.
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RBI Governor’s and their tenure
Few personalities are so close yet so distant to India’s populace as the Governor of the Reserve Bank and few evocative of his awe and mystique: close, because virtually every individual, be he ever so poor or so rich, carries on his person……
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Limit for e payment reduced to 1 lakh
Ministry of Finance (department of revenue),has reduced the threshold limit for payment of service tax to 1 lakh rupees. Previously it was Rs 10 lakh for e-payment. It shall come into force from 1st January 2014. It is observed that the move is towards encouraging tax compliances through online mode and thus to make formalities…
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What are the Amounts Deductible under Profits and Gains of Business or Profession
What are the amounts deductible under the head “Profits and gains of business or profession Bried description of section 40 Notwithstanding anything to the contrary in sections 30 to 38, the following amounts shall not be deducted in computing the income chargeable under the head “Profits and gains of business or profession”,— (a) in the…
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Amounts Not Deductible-40
Amounts not deductible (40) Section 40. Notwithstanding anything to the contrary in sections 30 to 38, the following amounts shall not be deducted in computing the income chargeable under the head “Profits and gains of business or profession”,— (a) in the case of any assessee— [(i) any interest (not being interest on a loan…
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FRINGE BENEFITS-2(23B)
Fringe Benefits are given in addition to salary/wage.it includes free or concessional ticket ,any contribution by the employer,provision of hospitality,any expenditure on or payment through paid vouchers which are not transferable,etc…
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Tax Slab Rate of Senior Citizens
Find Out – Tax Slab Rate of Senior Citizens(60-79)