Tax FAQ
 

Why Depreciation Differs In Companies Act 1956 With That Of Income Tax Act 1961.?

Question by ivar | Posted in India

and why companies whip up Depreciation Statement both as per companies act and income tax act. what is the need as such?

Answer: beloved

the very basic purpose is that by giving higher benefit in income tax the GOvt want you to devote more in capital infrastructure to save tax and by this way they want to build a chain of capital investment. there in nothing other moto in this.
 
 

Is Tax Is To Be Deducted(Indian Income Tax Act) While Making Payment To Supliers Of Stone Pillers?

Question by sujit | Posted in India

Reserve order was issued to the party to supply of 4000 survey pillers at site .Is tax is to be deducted while making payment to the fete?

Answer: If this is part of win and you are getting tax invoice/retail invoice in that case no TDS. On the other hand if any payment above 20000/= TDS will be charged & deducted while making making payment to your supplier and will be automatically under contractor list. @2% will be charged in case of pvt. Ltd.co. and in case of individual TDS@1% .

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What Is The Provisions In Income Tax Act For The Cost Of Spectacles Reimbursement?

Question by SIVAKUMAR N | Posted in India


Answer: If your party is paying you medical allowance than upto Rs 15000/- is deductible u/s 10.
You can show cost of spectacles as medical expenses.

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What Is Meant By "Diversion Of Income" In Connection With The (Indian) Income Tax Act, 1961?

Question by Kurious K | Posted in India


An illustration of the concept would be helpful, as would any links to other pages which explain / illustrate it.

Answer: Hi,

I have found this area to be use full. Check it out……..

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What Is Meant By The Phrase "Trading Receipts" In Connection With The (Indian) Income Tax Act, 1961?

Question by Kurious K | Posted in India


An rationalization of the concept would be helpful, as would any links to other pages which explain / illustrate it.

Answer: Hi,

I have found this plot to be use full. Check it out……..

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Clubbing of Income under the Income Tax Act, 1961 |Tax Guru

by administrator

A being cannot haul his income or an asset which is his one of commencement of his income to some other yourself or in other words we can say that a individual cannot redirect his income to any other person and says that it is not his income.

Source: Clubbing of Income under the Income Tax Act, 1961 |Tax Guru

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