Significant Changes in processing of Quarterly TDS Statements It is glad to update you with a significant changes in processing of Quarterly TDS Statements by Centralized Processing Cell (TDS) for providing its better services.These changes was done to avoid defaults that may be arise due to inadvertent data entry errors.on the basis of feedbacks received […]
Category Archives: Income Tax
Income Tax is the tax which directly levy on income of any personal.Central Board of Direct tax manage all the things related Direct Tax.
Hindu Undivided Family (HUF)-Creation and Treatment Hindu Undivided Family (HUF) is treated as a separate entity for the purpose of assessment under the income tax Act and Wealth tax Act. HUF is automatically created after marriage as soon as child is born it is not arise through law or contract, it consist of father, sons, […]
Employee’s Provident Fund Scheme-One should opt or not! Any Employee whole join his/her first job and employer ask him to join EPF Scheme, She/he First though that enter in this scheme will cut off his in hand salary and it is not good because less salary will effect on his monthly expenditures. And they argue […]
How determine cost of Acquisition of Self Generated Assets B.C.Srinivasa Setty (SC) The cost of acquisition of a self generated asset is not determinate, Therefore, capital gains not possible to be computed when a self generated asset is transferred.Hence ,no capital gains will arise on the sale of self generated asset.The amount received will be […]
Capital gain on conversion of capital Assets into stock-in-trade-Section 45(2) And Section 2(47) Bai shrinbai k.Kooka(SC) There is no transfer involved When an assesses converts a capital assets into stock in trade of the business carried on by him. This conversion is similar to taking out the money from one pocket to other pocket of […]