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Indian Taxation

Income Tax Act of India - Q and A. Friday, September 19, 2008. 1 What is Income Tax? 2 What do you mean by income earned in India? 3 Who administers the Income-Tax Act? 4 What is the period for which a persons income is taken into account for purpose of Income tax? 5 What is an Assessment Year? 6 Who is supposed to pay Income Tax? 7 Is Income tax Act applicable only to residents? 8 Who is a resident? 9 How can I know whether a company is resident or non-resident? 20 My daughter stays in USA. She ow...

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Income Tax Act of India - Q and A. Friday, September 19, 2008. 1 What is Income Tax? 2 What do you mean by income earned in India? 3 Who administers the Income-Tax Act? 4 What is the period for which a persons income is taken into account for purpose of Income tax? 5 What is an Assessment Year? 6 Who is supposed to pay Income Tax? 7 Is Income tax Act applicable only to residents? 8 Who is a resident? 9 How can I know whether a company is resident or non-resident? 20 My daughter stays in USA. She ow...

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Indian Taxation | taxpayee.blogspot.com Reviews

https://taxpayee.blogspot.com

Income Tax Act of India - Q and A. Friday, September 19, 2008. 1 What is Income Tax? 2 What do you mean by income earned in India? 3 Who administers the Income-Tax Act? 4 What is the period for which a persons income is taken into account for purpose of Income tax? 5 What is an Assessment Year? 6 Who is supposed to pay Income Tax? 7 Is Income tax Act applicable only to residents? 8 Who is a resident? 9 How can I know whether a company is resident or non-resident? 20 My daughter stays in USA. She ow...

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taxpayee.blogspot.com

1

Indian Taxation: Income Tax Liability

http://taxpayee.blogspot.com/2008/09/income-tax-liability.html

Friday, September 19, 2008. 1 The legal position discussed is as applicable for financial year 2008-09 (Assessment Year 2009-10) unless specified otherwise. Provisions as applicable for financial year 2007-08 (Assessment Year 2008-09) are also given, where these are different from provisions applicable to AY 2009-10. Income Tax Act, 1961 imposes tax on income other than agricultural income. Tax on agricultural income can be imposed only by State Governments. Section 4 of Income Tax Act. Person - ‘P...

2

Indian Taxation: Wealth tax

http://taxpayee.blogspot.com/2008/09/wealth-tax.html

Friday, September 19, 2008. Wealth tax is not a very important or high revenue tax in view of various exemptions. Wealth tax is a socialistic tax. It is not on income but payable only because a person is wealthy. Wealth tax is payable on net wealth on ‘. As per Section 2(q), valuation date is 31st March every year. It is payable by every individual, HUF and company. Tax rate is 1% on amount by which ‘net wealth’ exceeds Rs 15 lakhs. No surcharge or education cess is payable. Net wealth in excess of Rs&#4...

3

Indian Taxation: September 2008

http://taxpayee.blogspot.com/2008_09_01_archive.html

Income Tax Act of India - Q and A. Friday, September 19, 2008. 1 What is Income Tax? 2 What do you mean by income earned in India? 3 Who administers the Income-Tax Act? 4 What is the period for which a persons income is taken into account for purpose of Income tax? 5 What is an Assessment Year? 6 Who is supposed to pay Income Tax? 7 Is Income tax Act applicable only to residents? 8 Who is a resident? 9 How can I know whether a company is resident or non-resident? 20 My daughter stays in USA. She ow...

4

Indian Taxation: Profits and Gains of Business or Profession

http://taxpayee.blogspot.com/2008/09/profits-and-gains-of-business-or.html

Profits and Gains of Business or Profession. Friday, September 19, 2008. Profit and gains of business as specified in section 28 of Income tax Act are taxable. The term ‘business’ includes trade, commerce or manufacture or adventure or concern in nature of trade, commerce or manufacture [section 2(13) of Income Tax Act]. Rent, rates, taxes, repairs and insurance for business or professional premises [section 30 of Income Tax Act]. Preliminary expenses in relation to formation of a company or in connectio...

5

Indian Taxation: Capital Gains

http://taxpayee.blogspot.com/2008/09/capital-gains.html

Friday, September 19, 2008. Means any profit or gains arising from transfer of a capital asset. Such capital asset may be building, non-agricultural land, machinery, shares, jewellery etc. However, stock in trade, agricultural land in rural area and personal effects (other than jewellery) are not ‘capital assets’. From AY 2008-09, archaeological collections, paintings, sculptures will not be treated as ‘ capital assets’. The ‘ cost of acquisition of capital asset’. Thus, if the bonus shares are sold, net...

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taxpayee.blogspot.com

Indian Taxation

Income Tax Act of India - Q and A. Friday, September 19, 2008. 1 What is Income Tax? 2 What do you mean by income earned in India? 3 Who administers the Income-Tax Act? 4 What is the period for which a persons income is taken into account for purpose of Income tax? 5 What is an Assessment Year? 6 Who is supposed to pay Income Tax? 7 Is Income tax Act applicable only to residents? 8 Who is a resident? 9 How can I know whether a company is resident or non-resident? 20 My daughter stays in USA. She ow...

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