10 lesser known Income Tax Deductions

10 lesser known Income Tax Deductions Posted: 20 Jan 2013 07:30 PM PST We all know about the popularly know deductions like deduction u/s. 80C & 80D. But many times we use to forget to claim many other deductions which are available under the Income Tax Act, which can reduce our tax burden significantly. In this article we discussed 10 such lesser know deductions... Investments which qualifies for deduction under section 80C Posted: 20 Jan 2013 07:29 PM PST Provident Fund (PF) & Voluntary Provident Fund (VPF: PF is automatically deducted from your salary. Both you and your employer contribute to it. While employer's contribution is exempt from tax, your contribution (i.e., employee's contribution) is counted towards section 80C investments. You... SEBI – 'Offer for sale' mechanism modified, 5 Regulations including KYC & ICDR approved for amendment Posted: 20 Jan 2013 07:09 PM PST Review of Offer for Sale (OFS) through stock exchange mechanism. - The Board noted that the OFS mechanism has been found to be useful by market participants and popular for offloading shares of promoters in listed companies in order to achieve minimum public shareholding. Protocol to treaty between India and Netherlands notified; Article for 'Exchange of Information' substituted Posted: 20 Jan 2013 07:07 PM PST NOTIFICATION NO. 2/2013 WHEREAS a Protocol for amending the Convention between the Republic of India and the Kingdom of the Netherlands for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on Income and on Capital was signed at the Hague on the 10th... ICSI – New President & Vice-President WEF 19.01.2013 Posted: 20 Jan 2013 06:51 PM PST ICSI Elects CS S. N. Ananthasubramanian as PRESIDENT & CS Harish K. Vaid as VICE-PRESIDENT of the Council of the Institute Company Secretaries of India (ICSI) w.e.f. 19th January, 2013. To reject view taken in earlier assessment years, there must be material change in the fact, situation or in law Posted: 20 Jan 2013 06:31 PM PST In this case assessee is receiving mobilization advance from customers. This is to enable the assessee to purchase the raw material for the proposed work. As per the assessee's method of accounting, the material, finished or semi finished stocks is transferred to customers work site for... 'Inkjet cartridges' & 'tonor cartridges' are parts & accessories of computer systems & peripherals Posted: 20 Jan 2013 06:24 PM PST After due consideration, we are of the view that the question has to be answered in favour of the assessee. The items in question are integral part of printer which undisputedly is covered by Entry 3. Thus, we are in agreement with the view taken by the Delhi High Court. Principle laid down in... Brics Countries Identifies Seven areas of tax policy and tax Administration for Extending their Mutual Cooperation Posted: 20 Jan 2013 11:24 AM PST Affirming their continued commitment to promote closer coordination and cooperation in the area of tax administration, the Heads of the Revenue of the BRICS Countries i.e. Brazil, Russia, India, China and South Africa, identified seven areas of tax policy and tax administration, for extending their... S. 148 Where HUF is partitioned after expiry of relevant year, notice to every member is not necessary Posted: 20 Jan 2013 07:19 AM PST Where the HUF was in existence during the relevant year and a partition took place later, for purposes of initiating reassessment proceedings for that year, it would not be necessary to issue notice to every member of the family - Lakshminarain Bhadani v. CIT [1951] 20 ITR 594 (SC).