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advance tax

A Large Number of Assessees Do Not Require to Deposit Advance Tax !

In the month of March , you will find many advertisement from Income Tax Department as well as the banks regarding the 15th March deadline for advance tax deposit .While the date is indeed the last of the advance tax installment , this  quick post is for reminding many tax payers – and I repeat...

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tax clearance certificate

Some Foreigners Require Tax Clearance Before Leaving India !

  The income tax clearance , which earlier was required to be taken even by the citizen of India was amended and the procedure was made Indian friendly. However, as far as foreigners are concerned , there is still income tax provision which require that in certain circumstances, foreigners are required to show the tax...

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Section 41 : Profits chargeable to tax.

Profits chargeable to tax. 41. (1) Where an allowance or deduction has been made in the assessment for any year in respect of loss, expenditure or trading liability incurred by the assessee (hereinafter referred to as the first-mentioned person) and subsequently during any previous year,— (a) the first-mentioned person has obtained16, whether in cash or […]

sugam form

Who Can Not Use ITR-4S or Sugam Form Despite Having Eligible Business u/s 44AD !

Financial year 2013-14 has ended and thus tax filing period is approaching (July 2014 onwards..). In this connection , you must be aware that CBDT has done a good job to notify the ITR1 (Sahaj), ITR-2 & ITR4s i.e., Sugam tax return form vide notification dated 1st April 2014 .If you wish, you can download...

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home loan prepayment charges

Home Loan Repayment Charges Allowable Deduction u/s 24(b)

It is well known that home loan interest is allowable u/s 24(b) of the Income Tax Act. It is also common among the home loan seeker to close one home loan and take another one or prepaying a home loan. The home loan companies generally levy a penalty in the form of charges for prepaying...

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agriculture land

TDS is Applicable on Interest on Delayed Agriculture Land Acquisition Payment

It is clear that agriculture land does not come within purview of section 194LA of the Income Tax Act .However, when the interest is paid to the agriculture land owner for delayed land acquisition , a controversy has arisen whether the interest on such delayed payment is liable to TDS and if yes, under what...

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legal heir

Is TDS Applicable on Interest Paid to Legal Heir ?

Every legal heir whose father or mother had term deposits in Bank may ask whether  TDS is applicable on interest, because the bank informs them about impending TDS on  payments of interest on fixed deposits or term deposits which are  in the name of the person who dies suddenly or unexpectedly.The other question which arises,...

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