newspaper to deduct tax at source to paymments to advertising companies

It is reported that CBDT has confirmed to Indian Indian Newspaper Society newspapers must deduct tax at source on payments made by them to advertising agencies.The clarification was following a clarification sought by the latter .

Capital Gains on Shares or Mutual fund units taxable ? What you say , Man.

Yes , you rightly heard . Not all long term capital gain on sale Of equity shares or units of mutual funds are tax free.The conditions fulfilled for claiming exemption are

the transaction of sale of shares or units must be subject to Securities Transaction Tax.
In case of units of mutual fund additional conditions are :

Units [...]

Is Registration necessary for Claiming Exemption u/s 54 or 54F ?

No,the word used in the relevant provision is PURCHASE and purchase completes when one person pays full according to purchase agreement and the seller hands over the property or willing to transfer the property.So , no registration u/s 17 of the Registration Act  is necessary for claiming exemption under Section 54 or 54F of the [...]

Securities Transaction Cost not allowed?

Yes ,that STT (Securities Transaction Cost) is not allowed to be taken as cost of acquisition of the shares or purchase for computing capital gain. Remember also that Section 88E benefit is allowable only in case of share business . The simple reason why  you do not get such benefit for Capital Gains that on [...]

Is it possible to file Return of Income even after lapse of four- five years?

Someone Asked on This blog on 30/10/06
I am at Kachchh –Gujarat I was filling income tax return

before A.Y -2001-2002 .But due to heavy Earthquake took the place on 26-01-2001, I was lost Everything and busy on battle of survival. And thanks god now I am at the position to give some consecration [...]

30/11/2006 is the last date for filing Return of Income including FBT return

The due date for filing of income and fringe benefits tax (FBT) returns for Assessment Year 2006-07 ,has been extended to 30 November. Accordingly tax audit report , return of Income and Fringe Benefit Tax return can also be filed upto 30 November.
[...]

Foreigner or NRI can apply for PAN now .

Foreign citizens and other persons (like companies/trusts/firms) having no office of their own in India (can) obtain PAN based on the copy of their passport as ID proof and copy of passport/copy of bank account in the country of residence as address proof. However, the NRIs/PIOs who have already opened such [...]

Beware!Benefit stops on 1/4/2010 for 100 % Export oriented units u/s 10B-Part I

Under Section 10B of the I T Act ,100 % export-oriented undertaking gets very substantial amount of exemption from tax on its profits for a period of 10 consecutive assessment years beginning with the assessment year in which the undertaking begins to manufacture or production allowed from the total income [...]

Plan Your travel for Retaining Non Resident Status.

Since there is formula for awarding status of Non -Resident or Not Ordinarily Resident , you ought to give make a plan your travel outside or inside India .Here are four such plans , if you follow you can benefit .
1. Citizen of India or Person of Indian origin shall start on 2nd October and [...]

What will be the capital gain on sale of agriculture land?

Someone Asked on Yahoo Answer-replied by me on 26/10/06I am selling agricultural land in Haryana and reside in Delhi,the receipts i understand are tax free.I seek advice to ensure that proper documentation is done/proper process is followed to ensure income tax hassles now or later on.I want to show actual receipts,an all white transaction.The seller [...]

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