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Set off and Carry Forward of Losses in Income Tax

January 8, 2013

Income Tax is a combined tax on the total income of a person earned during a period of one year. There might be cases where a person has different sources of income under the same head of income. Similarly, he may have income under dissimilar heads of income. It might also happen that the net [...]

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Salary Hike in 2013 – How to Save Income Tax

December 2, 2012

If the financial year 2012-13 has bought happiness to you face in the form of salary hike by your employer, let’s keep that smile on your face by reducing your income tax liability on your increased salary amount. OR You might have made a switch over from one company to other and got an additional [...]

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Transfer Pricing Methods: Computation of Arms Length Price

October 2, 2012

The increasing globalization giving rise to participation of multinational groups in economic activities, which leads to new and complex issues emerging from transaction between two or more enterprises belonging to the same multinational group. There are close connection between enterprises which are under one multinational group. Business may be carried between resident enterprise and non [...]

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Long Term Capital Gain Tax

How to Calculate Long Term and Short Term Capital Gain Tax in India

September 19, 2012

Under Income Tax Act, 1961 one of the heads where your sale of asset is taxed is called – Capital Gains. When we buy any kind of property for a given price and then subsequently sell it at a higher price, we make a gain (Sale Price – Cost Price). The gain on sale of [...]

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Negative List of Service Tax in India

June 30, 2012

Services, Service Tax and Complexity with its applicability go hand in hand. The service provider is always unsure of compliances pertaining to Service Tax on the services provided by him and it is also a major issue for our government as well. To resolve majority of such issues and streamline the applicability of Service Tax, [...]

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Knowing Your Residential Status and Income Tax Implications

June 19, 2012

The total income of an assessee under five heads of income tax can not be computed unless we know residential status of individual. Income tax Act has given few technical condition to determine whether an individual is resident or non resident Indian (NRI). Further if an individual is Resident inIndia, we have to determine whether [...]

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How to File Income Tax Return Online Yourself

June 7, 2012

Filing income tax return has always been considered as a tedious process including choosing right income tax return form. The long queues, the wait for the last date, the correct computation etc, everything has always been considered to be a time consuming and a complex process. I guess in India everyone likes to work on [...]

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Leave Travel Allowance (LTA) – Section 10(5)

May 23, 2012

Every individual is tired of his routine and really in need of some break. Taking break after working for long time also adds to increased productivity. So the salaried person who is working round the year is surely deserves a break through long & short vacations keeping his work tensions aside. Hence this section entitles [...]

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Why is Income Tax Return Filing Important

May 22, 2012

It’s a known fact- “Earn money, pay tax and relax”. But specified persons referred in the Income tax Act, 1961 have to file income tax return also L Compliances, compliances and the mighty compliances. This article would briefly describe:- A) Introduction to e filing of income tax return or filing of income tax return and [...]

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Clubbing of Income Tax Implications

May 12, 2012

Largely an assessee is taxed in respect of his own income while computation of total income in respect of income tax. But sometimes owing to some circumstances this elementary principle is strayed and the assessee can be taxed in respect of income which legally belongs to other person. Clubbing of Income Meaning Inclusion of other’s [...]

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