Every Article is A Tax Solution !
The idea of an article on “taxation of pension of Indians in USA” this post came from a retired Lt.Colonel who now lives in USA . He asked if the Diability Pension received by him , which he declares in the tax return filed in USA , is actually taxable in USA . So, this […]
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Best evidence assessment vs scrutiny assessment represents two distinct approaches in India’s income tax framework, each serving specific purposes in ta…
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Section 35 demerger tax planning strategies have become increasingly crucial for businesses navigating corporate restructuring in India.
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The heading of Section 273B of the Income Tax Act sets out the scope of the provision of law. This provision clearly establishes the rule that the penalties imposed under section-271(1)b), section-271A, section-271B, section-271BB, section-271C, section-271D, section-271E, clause (c) or clause (d) of sub-section (1) or sub-section (2) of section-272A, sub-section (1) of section-272AA] or […]
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The unfortunate situation a family may face when an earning person suddenly expires. In such a tragic situation, one more problem is of tax compliance for the income of the deceased person. As per the law, the legal heir generally must comply with the filing of tax return related to income earned by the deceased […]
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Turnover meaning for day trading ,and transaction in futures or options is quite different than the meaning of turnover in normal trading of shares , say delivery based or any other goods . Secondly , the understanding how to compute the business turnover is also important for other compliance under Income Tax Act like -tax […]
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A very strict and a beneficial law was inserted as section 43B(h) of Income Tax Act vide The Finance Bill 2023 effective from 01/04/2024 to promote timely payments to micro and small enterprises.Under the new provision ,the claim of expenditure in relation to persons who are micro and small enterprises shall be disallowed if not […]
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A recent judgment by a tax tribunal throws light on this. If you receive a “disability pension”, then, even if you opted for voluntary retirement from the Armed Forces, the amount of disability pension will be tax-free. This post aims to address the key issues surrounding the exemption of the disability pension—an area that has, […]
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Once the time to file a revised tax return is over, you often realise that a tax deduction or exemption was not claimed in the original tax return. In such a case, if you approach the tax officer, they will raise their hand. You cannot file an appeal with CIT(Appeal). So, what is the solution […]
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