Surrender of ULIP or Pension Plan-What You Must Know !

Surrender of ULIP or pension plan has its tax implication under Income Tax Act , which many investor to such plans or units may not be aware of . The tax implication on ULIP and pension are different , as both are not same type of financial product.One  reader has asked a question on  ULIP…

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Non Resident Status:Planning Arrival & Departure !

Having Non Resident status in India is good from taxation angle as the total income of an indiaviual which chargeable to tax is computed by excluding income earned or accrued aborad .The readers are already informed in previous post that  the residential status of an Individual is determined as per his/her  physical presence  in India ….

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PAN AO Code for Madhya Pradesh

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…

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Tax Residency Form & Rule 21AB Notification

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…

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Charitable Trust:Is Filing Audit Report Mandatory?

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…

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Lease Finance of Vehicle : Lessor is Owner !

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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Neither Advance Tax nor TDS Proof of Disclosure of Income: Supreme Court

Mere payment of advance tax or tax deducted at source on any income can be argued as an evidence that a tax payer has disclosed the income , so held in a landmark judgment by Supreme Court in ACIT , Chennai vs A.R Enterprises [2013] 29 taxmann. com 50 (SC). The Apex Court decided in favour of income…

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Filing of Return: Bizarre Rule to Affect Foreigners and NRIs?

This quick post is published as I received many queries by people who are non residents Indians regarding filing of return of income in India for assessment year 2012-13. They have asked whether there is any amendment brought in the  Income Act by which non resident Indians are supposed to compulsorily file return of income. The good news is that yes,…

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Tax Residency in India Simplified For You !

The tax residency  of  a person in India determines whether an amount received or accessed to him in a year is taxable under I.T. Act.  This is so because section 5 of the Income Tax Act which defines Total Income excludes all income earned , accrued or arisen abroad in hand of  a Non-Resident whereas…

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House Property Income -10 Questions to Check Your Knowledge

House property income taxation provision is given in section 22 to section 27 of the Income Tax Act. There  are certain benefits attached to acquiring house for self residence by the government. Apart from this , the law of taxing house property is not necessarily dependent on the ownership , but who actually enjoy income out of a property. So , a set…

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