Loss or expenditure already allowed in computation of income from other sources and subsequently recovered shall be treated as the income of the previous year in which it is recovered. Deemed Dividend (Sec. 2(22)): Dividend for the purpose of Income Tax is a wider term than what is understood in common parlance. The Act provides […]
Read More12 year National Saving Annuity Certificate Treasury Savings Deposit Certificates Post Office cash certificates National Plan Certificates National Plan Saving Certificates Post Office National Saving Certificates Post Office Savings Bank Account Post Office Cumulative Time Deposits Scheme of Fixed Deposits governed by the Government Savings Certificates (Fixed Deposits) Rules 1968 Scheme of Fixed Deposits governed […]
Read MorePersonal expenses Interest, salary paid outside India without deduction of tax Wealth tax Expenses of the nature disallowed in section 40A Expenses in connection with winnings from lotteries, crossword puzzles, races, gambling or betting. Exception: However in case of assessee being the owner of horses maintained by him for running in horse races, the expenses […]
Read MoreAdmissible Expenditure Any reasonable sum paid by way of commission or remuneration for purpose of realizing dividends or interest on securities Contributions to ESI, EPF and superannuation fund, those recovered from the employees, paid before due dates under relevant acts. Repairs, insurance and depreciation of Building, Plant and Machinery and furniture. 33 1/3% of Family […]
Read MoreMeaning: Family Pension means pension received by the family members of the deceased employee. Taxability: It is chargeable to tax under the head “Income from other sources”. Deduction u/s 57: Least of the following is allowed as deduction- 33 1/3% of gross deduction 15,000 Exemptions: Family pension received by family members of Army personnel who […]
Read MoreApplicability: Individual and HUF Tax-ability: Any sum of money, aggregate value of which exceeds Rs.50,000, is received during the previous year without consideration, by an individual or a HUF from any person on or after 1/4/2006, then the whole of the aggregate of such sum will be taxable. Exceptions: Gifts received from the following persons […]
Read MoreIncome chargeable under the head “Income from other sources” (Sec. 56) Dividends Winnings from lotteries, crossword puzzles, horse races, card games, other games of any sort, gambling, betting of any form or nature Income from sub-letting of a House property Casual income and non- recurring income Family pension Director’s sitting fee Interest on loans Income […]
Read More2. Bar on formation style: It is not formed by splitting up of or reconstruction of a business already in existence. It is not formed by the transfer to a new business of machinery or plant previously used for any purpose except under the following circumstances- Such plant and machinery is imported Such plant and […]
Read More1. Applicability: Any undertaking which commences its operation during the period beginning on the 01/04/2007 and ending before 01/04/2017 in any of the north-eastern states to- Manufacture or produce any eligible article or thing, Undertake substantial expansion to manufacture or produce any eligible article or thing , Carry on any eligible business 2. Bar on […]
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