Tax News
DTC introduced , but shall be effective from 1st April 2012
The government, on Monday, tabled the Direct Tax Code (DTC) . However , Revenue Secretary Sunil Mitra clarified that the new tax law will be effective from 01/04/2012 . The reason for postponement is that tax administrator, … [Read More...]
Filing of Return
How Document Identification Number shall bring transparency in Income Tax Department ?
Minister of state for finance S S Palanimanickaminformed theLok Sabha in a written reply on Friday , 20/08/2010 stated "The government proposes to allot the Document Identification Number (DIN)...an … [Read More...]
Capital Gains
Can one claim exemption from capital gains u/s 54 & 54F simultaneously for buying one house only !
Section 54 provides exemption if you sale a residential house and buy a residential house. Section 54F provides exemption if one sales capital asset other than residential house and buy residential house. … [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
10 answers every NRI wants to know about demat account !
Where can an NRI/PIO open a demat account? Ans. NRI/PIO can open a demat account with any Depository Participant [DP] of NSDL. Almost every bank in India today also gives service of demat account . … [Read More...]
Can NRI extend PPF account for five years after maturity ?
An Indian resident becoming non resident has one common query. What happens to Public Provident Fund account subscription. Is it allowed ? Can he repatriate proceeds from PPF account ? Can he avail of … [Read More...]
Direct Tax Code Bill 2010
Is there any special tax rate for capital gains under Direct tax Code?
No, unlike Income Tax Act 1961, the new Direct Tax Code 2010 , likely to be effective from 01/04/2012 , does not prescribe any special tax rate. Now the long term or short term are part of total income … [Read More...]
Only 50 % of short term capital gains on shares or units taxed .
As on now tax rate on short term capital gains on shares or units which is subject to STT are taxed @ 15 % . However under Direct Tax Code 2010 ,not only there is no specific tax rate for STCG , it is … [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
Is TDS allowable expenditure ?
Goluguri Kodanda Rama Redddy of Hyderabad asks "One of the assessees paid transport contract amount without deducting TDS.However he remitted TDS to central government account out of his own funds by … [Read More...]
Deductions
Can a second holder of the joint account claim deduction u/s 80C or 80CCF ?
Let us say you want to invest in tax saving fixed deposits which gives you deduction u/s 80C . Let us say , your wife is made first holder and you have given your name as second holder . The question comes … [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...]
Case Laws discussion
Can Official Liquidator be given notice to file income tax return ?
Filing of return under Income tax is compulsory for two classes of persons-company and firm. This is provided in proviso to section 139 of the I T Act. What happens when a company goes into liquidation? Darshan … [Read More...]
Whether power u/s.263 can be utilized by CIT to revise intimation u/s.143(1) ?
A recent decision of Punjab & Haryana High Court in the case of CIT vs Kartar Singh & Co. (P) Ltd. 300 ITR 440 has taken into account almost all the conflicting decision of various High Court as … [Read More...]
Why service tax not collected can not be disallowed u/s 43B ?
There is a fundamental difference between Sales tax and Service tax. In case of Sales tax , the seller is responsible to deposit the sales tax even if he has not collected that from the customer but in … [Read More...]
