Don't Worry , Be Happy !
The taxation of cooperative society is often misunderstood and it si common knowledge that many cooperative societies are oblivious to TDS provisions. One reader of this blog Mrs Mousumi Chatterjee has asked very many questions on the issue of taxation of cooperative society . There are 180 cooperative societies working under M.P.state civil supply corporation who are primarily engaged in the purchase of paddy and...
Retirement pension is salary under Income Tax Act and many citizen of India who have given services to foreign government do get pension . Maybe at that point of time they have returned to India and now question regarding the taxation of such receipt in India bothers. A reader Sri Brahmanadam Belinini has asked following question ...
Winnings from competition often brings the question whether the winnings is taxable under Income Tax Act , more so because organizers deduct tax on it. A similar question has been asked by one Reader Ms Anu Garg “Whether the prize money of a dance competition taxable under Income Tax Act? There is no simple answer...
Under Section 11 of Income Tax Act 1961 Trust should apply its 85% receipts toward charitable object of the Trust and 15 % accumulation can be done for future. It is also given in section 11(2) that if Trust is not able to expend during the year we should set apart the receipts and deposit...
Presumptive tax scheme under section 44AD makes life of persons who are carrying small business or trade having gross turnover of 60 lakhs as the option u/s 44AD provides you relief from maintenance of books of accounts and audit , if the income is declared at the rate of 8 % of gross receipt. One...
The tax deduction u/s 80DDB of the Income Tax Act provides relief to tax payers who are individual … [Read More...]
PAN and TAN applications require you to fill up the the jurisdiction in which the applicant is … [Read More...]
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