Don't Worry , Be Happy !
Perhaps everyone knows that the income of educational institutes are tax free. But what few people know is that the tax exemption to educational school or institutions are only when the profit isused for educational purpose .Then , the government brought in lots of conditions to check the tax free status of the schools and educational institutes.Up to...
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...
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...
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...
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...
Deduction u/s 80E of the Income Tax Act is allowed to individuals who takes education loans for … [Read More...]
Form 15G or 15H are declaration for individual residents and HUF that they have neither taxable … [Read More...]
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