Deduction u/s 80E of the Income Tax Act is allowed to individuals who takes education loans for expensive higher studies. The tax benefits in form of deduction has actually made the loan option for funding the education of self or relatives a very popular option for many.
The tone and tenor of the Finance Minister, who is quoted in media saying “DTC has gone through various versions…I need time to look at DTC. I am only 28 days old (in the finance ministry) … It requires a fresh look,” has clouded the prospect of the implementation of Direct Tax code from 1st...Continue reading →
A quiz -multiple choice question on Basic Concepts ,Total Income & Residential Status for providing CA students an opportunity to test their preparation of direct tax paper . Most fundamental is the definition section under Income Tax Act which is section 2 . A constant reference to section 2 is required to understand the true meaning of a word used...Continue reading →
In another blow to the Government, the Direct Tax Code is once again most likely to miss its already extended deadline of April 2012. It is now being expected to be implemented in April 2013 along with the proposed goods and services taxation (GST). Direct Tax Code The DTC that is meant to replace the...Continue reading →
# Do not stay for more than 60 days in a year in India if in previuos four years , he was in India for more than 365 days. If he was not, he can stay in India , safely upto 182 days.
# Also please go through the Double Taxation Avoidance Agreement signed between India and your country and find that what are the income which are taxed only in your country. For example , salary income earned in USA of a resident of USA is to be taxed in USA only even if he also becomes resident of Indi under I T Act.