Incometax

 A) INSERTION OF NEW SECTION 80EE – DEDUCTION IN RESPECT OF INTEREST ON LOAN TAKEN FOR 1stRESIDENTIAL HOUSE PROPERTY: CRUX

Assessment of Partnership Firm Income of Partnership firm is calculated as usual but while computing business income of partnership firm,

Where a HUF, which has been assessed as a HUF, undergoes partition ,the following procedures shall be adopted    

                                   Clubbing of Income

“IF GROSS RECEIPTS FROM A COMMERCIAL ACTIVITY EXCEEDS RS. 25 LAKHS, TRUST WILL NOT BE REGARDED AS CHARITABLE INSTITUTION” “ANONYMOUS

Advance Tax                 Every person is liable to pay Advance Tax if advance tax payable is RS 10000 or more.

We all know about the popularly know deductions like deduction u/s. 80C & 80D. But many times we use to

                                   COMPUTATION OF DEDUCTION U/S 80G CATEGORY GQA (Total Amount Donated) NQA Amount of Deduction I (17 Items) 100% 100%

The Central Board of Direct Taxes (CBDT) has issued new income tax return forms for those holding assets outside India,