Deduction u/s 80E for Educational Loan – Video Tutorial

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. Video Tutorial on Deduction u/d 80E for Education...

10 Multiple Choice Questions on Direct Tax for CA Students

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...

Direct Tax Code likely to miss its April 2012 implementation deadline

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...

How Direct Tax Code restricts Non Resident Indians’ stay in India ?

# 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.

One new provision under Direct Tax Code that will affect you most !

Here is another shocker. The payments by life insurance companies are brought under TDS provision . Readers are already  told  that the payments from life insurance companies are made taxable under Direct Tax Code. However, the clutch of taxation start at the very source as the payments are made subject to tax at source. The rate of tax is...

14 Deductions under Direct Tax Code every individual should know about .

The most popular item of tax laws are deductions which are tools for saving tax. Under Direct Tax code 2010, the deductions are called "tax incentives" and major deductions allowed under chapter VI-A of I.T.Act is being carried on in even Direct tax Code .

Maximum deduction on life insurance, medical insurance & tuition fee restricted to just Rs 50,000 !

Direct Tax Code 2010 has three section 70, sec.71 & section 72 which deals about tax incentive (read deduction ) on premium paid on life insurance, mediclaim and payment of tuition fee respectively. Each section has its own conditions to be fulfilled in order to claim deduction (read incentive ) . However, there is section...

How a new condition make you ineligible for claiming deduction u/s 78 (read 80DD) .

Section 78 of Direct Tax Code 2010 are equivalent to section 80DD. Section 78 provides deduction for expenditure and insurance on treatment , nursing and maintenance of disable dependant person.

Does Direct Tax Code 2010 allow Interest deduction from house property income?

First the postive news ! Under the Income Tax Act 1961 , if you have more than one property, there was provison for taxing notional rent even if the second house was not put to rent. However, under the Direct Tax Code 2010 , such aconcept has been abolished.