Applicants for PAN are required to provide the AO code in their application.The AO Code is a combination of Area Code, AO Type, Range Code and AO Number.List of A.O Code for Madhya Pradesh is given below The list of AO codes given below is to help the PAN applicant to choose the AO codes under [...]
Tax Residency Form & Rule 21AB Notification
February 6, 2013 by
Now every non residents required to submit tax residency certificate in prescribed forms as the CBDT has notified Rule 21AB and Form 10FA & 10FB for this purpose.The new rule for tax residency has been made effectve from 01/04/2013 .Please read previous post three most frequently asked questions about tax residency , was explained. However , the...
No Education Cess if DTAA Rate Applicable !
February 6, 2013 by
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...
Charitable Trust:Is Filing Audit Report Mandatory?
February 5, 2013 by
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...
Lease Finance of Vehicle : Lessor is Owner !
February 2, 2013 by
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...
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