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  • One of the most disputed arguments between assessee and income tax department is that whether payments made towards specified expenditure attracts disqualification u/s 40(a) (ia) and applicability of this section to provisions made at the year end and its implications.

    Following are the views expressed by the author in this respect.

    01. The assessee must prepare his books of accounts following the mercantile system of

  • Ministry of Finance has introduced the scheme for Centralised Processing of Statement of TDS on 15th January, 2013 in exercise of powers conferred by S. 200A(1) of The Income Tax Act, 1961. The scheme mainly provides for:-


    1. Set up of Centralised Processing Cells


  • Rent which include Service Tax and TDS Liability on such Rent

    Rent may include Service Tax amount if Land lord have taxable service is above Rs. 10

  • Standard Allowance to Salaried Employees in Place of Medical Allowance or Reimbursement, and Transportation Allowances


    Treatment up to Financial Year 2017-18 ( Assessment Year 2018 - 19 ): -


    Medical Allowance: - Any Fixed amount of Money Received by Employee from Employer every Month i.e. Medical Allowance is Fully Taxable in Hands of Employee irrespective of amount

  • Are you receiving emails or telephone calls from banks advising you to invest in recurring deposits because there is no tax deducted at source (TDS) in this case? Remember, such investments aren’t tax-free.


    No TDS merely means the bank will pay you the entire interest amount without forwarding the tax on it to the government. However, the fixed deposit holder will have to include this interest income in her/his total income


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