Knowing About 17 Questions On Loss May Help You In Saving Taxes!

Everybody tries to earn profit, but sometime even best of effort produces losses. Income Tax Act has provisions to adjust the losses from one...

Is Fee To Lawyers or CA For Income Tax Case Allowable Expenditure?

I have paid Rs15000/- as legal fee to my Income Tax Lawyer in Jan 08 for representing my Scrutiny case of A/Y 2005-06, Can...

Why Should You Not Forget To Deduct Tax At Source?

Now , even individuals or HUF have been made responsible for deducting tax at source if their sales turnover exceeds Rs 40...

What Is The Basis For Determining Turnover In Case Of Speculation?

If a person is engaged in share trading and turnover of delivery based buying & selling is less than 40 lacs but speculation business...

How to Compute Taxable Income From Adsense Receipt?

I have a blog with Adsense Ads on it. I have had a steady income from it of about $100 (average) every month.I am...

Future Trading Is Business Activity!

Is income from Futures trading is business income or capital gain. If business income whether i have to file tax audit report, if the...

Do Not Pay Gratuity Over Rs 20000 In Cash.

Is it an allowable expenditure ,(100%)if we disburse gratuity settlement by cash to employees under income tax act,.Please refer rule6DD,sec269ss &40A.asked by  raja ...

Teaching Is Profession!

I work as a freelance teacher for IIT entrace exam coaching institutes. If I take all the classes assigned to me in a...

Hedging Loss is Buisness Loss , not Speculation Loss!

Can a loss from hedging of commodities be set off against normal profit of a related commodity merchant? agrawalneeraj@sify.comYes, there is express provision...

Letting Out of Factory Along With Machinery- Buisness Income or House Property Income ??

The assessee Company was doing job work with its own machinery.In F.Y.2004-05 it give the premises with machinery on lease.Whether the income should be...
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