How to Get Credit of Tax Deducted by A Country Having No DTAA with India ?

How to Get Credit of Tax Deducted by A Country Having No DTAA with India ?
India has signed Double Taxation Avoidance Agreement or DTAA with 86 countries by February 2014. Section 90 & 90A deals with the relief to assessee in case of issue of double taxation between India and the country with which India has signed DTA . However , there are 196 countries in world and DTAA is not signed with 110 countries. So the question , how to get relief from double taxation in case the tax is deducted in a

Easy chart of deductions u/s 80C to 80U every individual should aware of !

Easy chart of deductions u/s 80C to 80U every individual should aware of !
The season of tax has arrived. Therefore , there is need for easy chart of all tax deduction u/s 80c to 80U for an Individual taxpayer. Under Income tax , deduction u/s 80C,80CCC, 80D, 80DD,80DDB,80G , 80GG, 80GGA, 80GGC , 80IAB , 80IB , 80IC , 80ID ,80IE , 80JJA , 80QQB ,80RRB , 80U  are relevant to Individuals depending on the condition fulfillment. The following chart of deductions will give instant and fair idea about certain deductions to

9 FAQs on Capital Gains Account Scheme !

9 FAQs on Capital Gains Account Scheme !
Capital Gains Account Scheme 1988  ( the Scheme after this ) is well known among tax payer as this is one scheme for providing relief to tax payer by providing extra two years to buy or construct the house.The  Scheme has prescribed its own  rules and forms . This site has posted earlier on the issue whether Utilised Amount In Capital Gains Account Scheme Received By Legal Heir Taxable?  or that the current year loss can be adjusted with

Company Can Follow Mercantile And Cash System of Accounting At The Same Time ?

Company Can Follow Mercantile And Cash System of Accounting At The Same Time ?
An assessee is free to adopt an accounting method -mercantile or cash - or even a method of accounting which is regularly employed by it . The basic thing is that the accounting system adopted should be fair and should be followed regularly. This is what section 145 of the I T Act provides. However, under Companies Act  there is only one kind of accounting system allowed i'e mercantile accounting system. Section 209(3)(b ) of the Companies Act  

Private Trust :7 Tax Planning Tips You Can Actually Use !

Private Trust :7 Tax Planning Tips You Can Actually Use !
Since every indivdiual is provided a basic exemption limit ,the central point of tax planning is to have more tax entities. Each entity gets basic exemption from tax which in aggregate exempts quite a substantial amount of income from tax. When you create a private trust,what you are doing is creating a separate tax entities. You should read first how a private trust is taxed and then following points should be kept in mind to minimise the tax on