The building owned by various co-owners was leased in favour of assessee-bank on monthly rent including all taxes. Subsequently, the bank , on written requests from co-owners,started paying rent to all the co-owners as per their respective shares by separate cheques. Since the rent paid to each co-owner was less than Rs. 1.20 lakhs in [...]
Goods and Services Tax (GST) and Direct Taxes Code are two tax reforms that the government is aiming to introduce from April 1, 2011. The Cabinet is likely to take up Direct Taxes Code (DTC) bill on Thruday . as per media reports, the DTC Bill may be introduced in the current monsoon session of Parliament, but the [...]
The press release says it all – file return upto August 2010 for Asst year 2010-11 Press Release The Central Board of Direct Taxes (CBDT) has decided to extend the due date of filing of income tax returns to 4th August 2010 for taxpayers for whom the due date ends today, which is 31st July [...]
Any expenditure incurred wholly and exclusively for the business is alloowable expenditure u/s 37 of the I.T.Act. The premium paid on insurance policy on any employee life is also allowable expenditure. The insurance company sells Keyman insurance policy which basically means as per Explanation to section 10(10D) as under
CBDT has notified that employees who retire, or become incapacitated before retirement, or expire, or whose services are terminated, on or after the 24th May 2010 will get exemption of ten lakh rupees as the maximum amount of gratuity entitled under sub-clause (iii) of clause (10) of section 10 of the Income Tax Act 1961. Read the...