Filing of Return
e-filing of tax return compulsory for Individuals & HUF from Asst Yr 2010-11
Income Tax Rule has been amended by notificationno 49/2010 to compel two new classes of tax payers to file income tax return compulsorily online only. These are - Individuals or HUF having turnover … [Read More...]
Revised Direct Tax Code
SEZ losses steam !No profit linked deduction allowed under revised DTC
Exemption under Income Tax Act to entities doing businesses under Special Economic Zones were given 100% of tax break. These SEZ were based on location with the hope that setting up such SEZs will increase … [Read More...]
Capital Gains
Cost Inflation Index for FY 2010-11 Notified !
Cost Inflation Index is very important index as it helps you to compute the indexed cost for the purpose of computing capital gains. Therefore, if you sell any long term asset in FY 2010-11 , you will require to … [Read More...]
Company matters
Eight kinds of information you can get online regarding companies?
The egovernance by Indian government is wonderful experience of citizen of this country. many people do not know that the information collected by Registrar of companies under ministry of Corporate affairs … [Read More...]
Exemption
Can capital gains exemption u/s 54F or 54 be claimed for buying land also?
Yes, one can claim exemption from capital gains u/s 54 or 54F for land purchase , but only if the said land is part of land on which house is being constructed. This is the decision in ACIT vs Narendra … [Read More...]
Artcicles for Non Residents
Can Non Resident buy insurance policies in India?
Indian insurance companies are selling insurance products only to Non Resident Indian and to some extent to Person of Indian Origin . Following six things every non resident must know regarding insurance … [Read More...]
How much money can be brought in India without approval of RBI?
Unlimited amount can be brought without any approval of RBI.The money can be brought in different manners- by cheque, by travelleres cheque ,by currency notes, by online transfer , by money order. … [Read More...]
Tax News
Bill for New Tax System -Direct Tax & GST- in Monsoon Session !
The direct taxes code (DTC) Bill and a constitutional amendment bill to implement the goods and services tax (GST ) are likely to be introduced in the Monsoon session beginning next week. The DTC is expected … [Read More...]
Biggest income tax scam- Watch the video !
The CIB wing of the Income Tax department has responsibility to collect information from various sources -mainly from AIR information which are then disseminated to field officials for action. Recently … [Read More...]
Salary
Relief u/s 89(1) for arrear salary simplified with Excel Tool !Download it.
Central and State govt employees pay were revised in recent past on account of Sixth Pay Commission . So all govt. staff received lots of arrear payments for which now they are going to file return of … [Read More...]
TDS
Payment for Crane Hiring Is Subject to TDS!
Sir, we are an Indian company engages in providing cranes on hire. Some Public Sector companies charter hire truck mounted cranes of 40 MT capacity from us on regular monthly hire basis. My question is … [Read More...]
Deductions
Deduction u/s 80U simplified in six steps !
Income Tax Act provides relief to a taxpayer who is suffering from some kind of disability . In this context only Sri Babasaheb Andhale of Karjat district asked “What are the conditions to take relief … [Read More...]
VAT & Service Tax news
West Bengal commercial tax Office introduces C & F forms in demat forms !
No more visit to West Bengal sales tax office for procuring C and F forms as the state government introduces the new scheme, under which the facility of generation and printing of ‘C’ and ‘F’ … [Read More...]
Refunds
Can A.O adjust refund of one year with demand of another year?
It just happens so often that tax demand is raised on account of processing u/s 143(1) or scrutiny order u/s 143(3) of the Income Tax Act. You are convinced that the demand raised by the income tax … [Read More...]
Service Tax
Six things you must Know about Service Tax on flat purchase or sale
The Finance Bill 2010 has received presidential assent on 8th May 2010 and therefore a new chapter in taxing flat sale has started .In the definition of the taxable services of ‘Construction of Complex … [Read More...]
Gift
What is meant by gift in contemplation of death used in section 56(2) of I TAct ?
Section 56(2)(vii) is among many exceptions provides under clause (d) that if an individual or HUF receives any sum of money without consideration (read as gift ) in contemplation of death , the receipt … [Read More...]
Case Laws discussion
Can accounting practice override income tax law?
The issue is whether accounting treatment of a particular item of income or expenditure in its books of account decide whether the same can be treated as income or expenditure. For example , an assessee … [Read More...]
Is keyman insurance on partners of firm allowable as expenditure?
Any expenditure incurred wholly and exclusively for the business is alloowable expenditure u/s 37 of the I.T.Act. The premium paid on insurance policy on any employee life is also allowable expenditure. … [Read More...]
Can loan out of share premium be treated as deemed dividend u/s 2(22)(e) ?
The definition of dividend is contained in section 2(22) of the I.T. Act. Subclause (e) of section 2(22) defines deemed dividend. In simplest terms, it syas that if a company in which public has no … [Read More...]
