Don't Worry , Be Happy !
The education cess was introduced from Assessment Year 2005-06 vide Finance Act 2004 by which an additional tax was imposed computed on the basis of tax & surcharge.However, this new additional tax has created a controversy in case of non resident assessees specially with respect to tax resident of countries with whom India has a...
The charitable trust in India gets exemption as per section 11 and section 12 of the Income Tax Act.The various conditions including registration procedure is given in section 12AA and section 13 of the I.T.Act. Various rules are also prescribed in I.T Rule . One of the condition for claiming exemption is [ as per Rule 17 B...
In case of lease finance of vehicle, the question of claiming depreciation has been a controversial issue. Earlier a decision of Delhi High court that depreciation allowable to lease finance company was published on this blog.Actually , the controversy arises out of the question of ownership of vehicle during the period of lease. For claiming the depreciation, one of...
Mere payment of advance tax or tax deducted at source on any income can be argued as an evidence that a tax payer has disclosed the income , so held in a landmark judgment by Supreme Court in ACIT , Chennai vs A.R Enterprises [2013] 29 taxmann. com 50 (SC). The Apex Court decided in favour of income...
Having Non Resident status in India is good from taxation angle .The readers are already informed in previous post that the residential status of an Individual is determined as per his/her physical presence in India . If you are not aware or want to refresh the basics of how to know the residential status or when one acquires...
Deduction u/s 80D of the Income Tax Act provides relief to tax payer by allowing a deduction in … [Read More...]
A video reports on tax planning by US based corporate to shift their office elsewhere in other … [Read More...]
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