Investments – Tax Planning – upto Rs. 1,00,000 Nature of Payment Life insurance premium (including payment made by govt. employees to the central government Employees’ insurance scheme and payment made by a person under children ‘s deferred endowment assurance policy) [subject to a maximum of 20 percent of sum assured (sum assured does not include […]
Read MoreIncomes deemed to accrue or arise in India: Certain types of income are deemed to accrue or arise in India even though they may actually accrue or arise outside India. Categories of income are: 1. Any income accruing or arising to an assessee in any place outside India whether directly or indirectly Through or from […]
Read MoreAP VAT Act. VAT procedures – Registration: Registration is the process of obtaining registration certificate (RC) from the Authorities. A dealer who is registered under the VAT act is called registered dealer. A dealer, who intends to carry on the business of purchase and sale of goods with in the state and is liable to […]
Read MoreIncome Tax Meaning of Assessment year and Previous year: Assessment year means a period of 12 months commencing from April 1st every year. The year in which tax is paid is called Assessment year While the year in respect of the income of which the tax is levied is called the previous year. Previous year […]
Read MoreResidential status: The incidence of tax on any assessee depends upon his residential status. For all purpose of income tax, tax payers are classified into three broad categories on the basis of their residential status. Resident and ordinarily resident(ROR) Resident but not ordinarily resident(RNOR) Non resident(NR) The residential status of an assessee must be ascertained […]
Read MoreIncome Tax – Capital Gains Asset Acquired From Previous owner Base Year for Indexation Purposes R. S. Kohil Base year for indexation should be determined with reference to the year in which asset was first held by previous owner – Recent Judgment of Mumbai High Court. In CIT v. Manjula J.Shah (2011) 42 (1) ITCL […]
Read MoreDisallowance under section 40A(3) Cash deposited in bank account of supplier Cash deposited directly in bank account of supplier by its dealer/customers would be allowable and not hit by section 40(A). For this purpose the decision in Sri Ranukeswara Rice Mills v ITO (2005) 278 ITR 77 (Bang-Trib) may. It was held that the payment […]
Read MoreMany countries are facing the problem of over borrowing, more expenditure, more financial commitments, low income generation, default in fulfilling the financial commitments. The problems are not due to very short period but postponed for long period. Under such circumstances immediate solutions are not possible. It should be mentally prepared to fight in the long […]
Read MoreEligibility : Individuals over 21 years of age and younger than 70 years Amount of Finance: For Borrowers between 21 years to 45 years: Salaried Persons: 60 times the Net Monthly Income (NMI) Self Employed: 5 times the Net Annual Income (NAI) For Borrowers over 45 years: Salaried Persons: 48 times the Net Monthly Income […]
Read MoreDocuments needed for Bank Loan – Trade, General Photo identity PAN Card Proof of residence Nature of business, period and Proof of business address, Last three years balance sheets of the units along with income tax / sales tax returns etc. [Audited balance sheets in case loan required is Rs.25.00 lacs and above] Entrepreneurs’ Memorandum acknowledgment if […]
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