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  • February 23, 2019

Leave Travel Allowance to be Tax Exempt Only for Domestic Travel

Sanyam Jain | Income Tax/ Salary | May 20, 2013 | Leave a Comment

Leave Travel Allowance only for domestic journey

Leave travel allowance (LTA) to be tax exempt only for domestic travel Leave Travel Allowance is exempt from tax only when employee has utilized LTA for travel within India and cannot be clubbed with an overseas journey. In case, an air ticket comprises Indian and overseas components, no exemption will be provided either on the […]

Tax Benefit on Home Loan Prepayment Charges

Sanyam Jain | Income from House Property/ Income Tax | May 18, 2013 | Leave a Comment

Home Loan Prepayment Charges are deductible from House Property Income Mumbai Bench of the Income Tax Appellate Tribunal has recently held that prepayment or foreclosure charges on early repayment of home loans are deductible under the head income from house property as well as it is also eligible to set off with other heads of […]

Modeling by Actors is not Professional Service under Section 194J

Sanyam Jain | Income Tax | April 10, 2013 | 2 Comments

Modeling by actors not covered under section 194J

Sec. 194J not attracted on payments made to film actors for modeling as it isn’t connected with acting in film Payments for modeling services made to a film actor are not connected with production of cinematograph film. Therefore, sec. 194J not attracted on payments made to film actor for modeling services In the instant case, […]

Sections of Appeals under Income Tax Act,1961

Sanyam Jain | Income Tax | February 13, 2013 | Leave a Comment

Appeals Under Income Tax Act

Sections Covered 1) 246A: CIT (Appeals) 2) 254: ITAT —Final Fact Finding Authority 3) 260A: Supreme Court —On substantial Question of Law 4) 261: Supreme Court ORDERS NOT APPEALABLE 1) Orders passed U/s 234A, B, and C for levying Interest 2) Orders passed U/s 264 rejecting Revision Petition 3) Orders of AAR (Authority for Advance […]

Tax Exemptions on Sale of Samosa and Chapati: Income tax tribunal

Sanyam Jain | Income Tax/ News | February 13, 2013 | Leave a Comment

Sales Tax Exemption on Chaptai and Samosa Sale

Preparing food items like paratha, samosa, dhokla and chapati for sale is a ‘manufacturing activity’ and entitled to tax exemptions, ruled an income tax tribunal. “…manufacturing of chapati, paratha, samosa, dhokla constitutes manufacturing activity,” said Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT). Giving its ruling in favour of Deepkiran Foods Pvt Ltd, the […]

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