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WATCHDOG TO SETTLE YOUR TAX GRIEVANCES

Income-tax Ombudsman Mechanism For Improving Quality Of Tax Administration                      The next time you are disturbed by the delay in getting your refund, rectification or appeal effect order in time or you are irritated by the lack of transparency in identifying your case for scrutiny or you are upset over the harassment, rude behaviour or non adherence of the prescribed working hours by any Income-tax...

TAX HOLIDAY FOR LEAVE TRAVEL CONCESSION

Get LTC from your Employer and Enjoy Family Vacation with Tax Exemption One of the important tax free perquisites available to salaried employees is ‘Leave Travel Concession’ (LTC) or ‘Leave Travel Assistance’ (LTA) which is treated as exempt under Section 10(5) of the Income-tax Act read with Rule 2B of the Income-tax Rules. Under Section 10(5), the value of any travel concession or assistance received or due to...

TAX INCENTIVES FOR HIGHER EDUCATION

Eight Years Deduction for Interest on Loan for Higher Education, without any Monetary Ceiling Section 80E provides for deduction in respect of any amount paid by an individual (without any monetary ceiling) by way of interest on loan taken from any bank or notified financial institution or an approved charitable institution for the purpose of pursuing his higher education or the higher education of his relatives...

DUMP THE DIRECT TAX CODE!

DTC virtually beyond repair, present Income-tax Act should be revised to achieve the underlying objectives! The Direct Taxes Code (DTC) Bill, 2010, was presented in the Lok Sabha on the 30th August, 2010, to replace the existing Income tax, 1961 and Wealth tax Act, 1957 with effect from 1.4.2012. Tax law, which has been subject to extensive review by the Indian Parliament every year and in-depth scrutiny of the...

GET SET TO FILE RETURN THOUGH NO TAX PAYABLE!

If Your Gross Total Income Exceeds The Taxable Limit You Are Under Obligation To File Your Income-tax Return!                        Section 139 of the Income-tax Act provides that an Individual or a Hindu Undivided Family is required to file his income-tax return, if his Gross Total Income (GTI) prior to various deductions under Section 80 family (such as 80C, 80D, 80G etc.) exceeds the basic income-tax exemption...

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