questions_answered

Is Winning of Dance Competition Taxable?

Winnings from competition often brings the question whether the winnings is taxable under Income Tax Act , more so because organizers deduct tax on...
pramod_kumar

You Asked it: Is Deposit in Bank FDR Equals Application by Trust?

Under Section 11 of Income Tax Act 1961 Trust should apply its 85% receipts toward charitable object of the Trust and 15 % accumulation...
Question_answers

Section 44AD :Insurance Agents Not Eligible !

Presumptive tax scheme under section 44AD makes life of persons who are carrying small business or trade having gross turnover of 60 lakhs as...
questions_answered

Is filing Return Necessary Even if There is Business Loss?

Whether filing of return is necessary ,in case an individual has only losses  from share trading in a year , is a good question...

Can Author Claim Deduction for Royalty on Text Book ?

Income Tax Act provides deductions exclusively to authors who earns royalty on books . These deductions are provided under section 80QQA and 80QQB of...

Agriculture Land Sale Question Answered !

Agriculture land shown in balance sheet of a proprietorship or any business entity as business asset  does not change its nature.Income tax law provides...

Tax Deductions for Life Insurance Premium on Non-Dependent Son Allowed !

Tax  deductions under section 80C of the  Income Tax Act allows not only on life insurance  on self but also on relatives. For example the...

Taxability of UK Resident & Earning of Salary & Profit From Partnership Firm in...

Double Taxation Avoidance Agreement (DTA) between India and United Kingdom provides tax relief to resident of either countries. However, the tax rule is so...

Can CIT Direct Reassessment When Original Assessment Was Declared Bad in Law By CIT(A)...

Pradipta Kumar Panda of Balasore , Orissa asks The Assessing Officer made survey on 08-01-2008. The IT Return filed for the Asst Year 2007-08...

Should TDS be Made on Payment to Company Hosting Our Website ?

One of the most sought after answers from tax attorney or tax consultants relates to TDS provisions because without any doubt, TDS  provisions are...

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