Category: D.TAX
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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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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)
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Hidden Benefits of housing loan you must read
Housing loan, in first instance it is like a burden to repay a certain amount to be paid in periodical intervals even though it is used for construction/purchase of house. But, when it comes to Tax calculation it will be beneficial to tax payer that, he can deduct the interest paid on account of housing…
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Take advantage from housing loan interest!!
According to Income Tax Act, 1961 a person receiving income from house property can deduct certain amount under section 24 as standard deduction (other than municipal tax paid in the case of let out property) from the income from house property. Standard deduction prescribed under section 24 is as follows In the case of…