Sudhir Kaushik

Infra Bonds Exemption To Increase To Rs 1 lakh

by

View quick summary The Indian Government is likely to increase the tax exemption offered by Infrastructure Bonds, which stands at Rs 20,000 now, to Rs 1,00,000. Incentives are also being chalked out for corporates and PSUs by offering tax exemption of up to Rs 1,000 crore on investing in Infra Bonds. The estimated requirement to fund India’s infrastructure projects for the 12th … [Read more...] about Infra Bonds Exemption To Increase To Rs 1 lakh

Computer Software Are Tax Deductible For Employers

by

View quick summary As more businesses go computerized, the increase in software purchase is inevitable. Though an employer races against time to grasp how the purchased software can gear up productivity, the good news is that they can claim tax deduction on the cost of the computer software within the year when the software was purchased. This was the verdict passed by the High … [Read more...] about Computer Software Are Tax Deductible For Employers

NGOs Receive Shocks From Tax Notices

by

View quick summary Certain Non-Government Organisations (NGOs) have received notices from the Income Tax department. Several notices not only demand taxes to be paid but also press for revoking the NGOs’ registration under the I-T Act. Helpage India, which renders assistance in setting up and running old-age homes, has received a scrutiny notice. Development Alternatives, an … [Read more...] about NGOs Receive Shocks From Tax Notices

What is Advance Tax

by

View quick summary Taxpayers are required to pay tax during the year on the basis of their own computation of income. The advance tax is payable on total income of the year from all sources i.e. salary, business, profession etc. (including capital gain, interest, rental income or lottery/prize money). The advance tax is payable if it exceeds Rs.10,000 for the year. In the case … [Read more...] about What is Advance Tax