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 .
newspaper to deduct tax at source to paymments to advertising companies
October 31, 2006 By Leave a Comment
Capital Gains on Shares or Mutual fund units taxable ? What you say , Man.
October 31, 2006 By Leave a Comment
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Excerpt: 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 sold should be of Equity Oriented Fund , which mean that mutual fund scheme of which the UNIT was part should invest 50 % of total investible fund in equity shares. So you better read the mututal fund scheme…
Is Registration necessary for Claiming Exemption u/s 54 or 54F ?
October 31, 2006 By Leave a Comment
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 I T Act.
You can refer the judgment of Delhi High Court in Balraj vs CIT [2002]254 ITR 22.
Securities Transaction Cost not allowed?
October 31, 2006 By Leave a Comment
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 account of STT, govt takes 10 % tax on Short term Capital Gains and NO tax on Long term capital gains.
Is it possible to file Return of Income even after lapse of four- five years?
October 30, 2006 By Leave a Comment
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Excerpt: Someone Asked on This blog on 30/10/06I am at Kachchh –Gujarat I was filling income tax returnbefore 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 on matters like this, now can I fill my previous income tax returns for A.Y. 2002-2003 TO 2005-2006 without pay any penalty.I empathy with you. Section 119 (2)(b) empowers Commissioner and Chief Commissioner to condone the delay in filing your return of Income. In…
30/11/2006 is the last date for filing Return of Income including FBT return
October 30, 2006 By Leave a Comment
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.
Reported in All leading financial dailies on 24/10/2006
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Foreigner or NRI can apply for PAN now .
October 30, 2006 By 1 Comment
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Excerpt: 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 BO accounts/trading accounts without PAN shall be required to comply with the mandatory requirement of PAN on or before December 31, 2006, failing which such accounts shall be made inoperable by the depository/depository participant/ broker .SEBI had recently extended the deadline for PAN card as…
Beware!Benefit stops on 1/4/2010 for 100 % Export oriented units u/s 10B-Part I
October 29, 2006 By Leave a Comment
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Excerpt: 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 of the assessee .No deduction under this section shall be allowed to any undertaking for the assessment year beginning on the 1st day of April, 2010 and subsequent years .Conditions for Availing Exemption is that Assessee : furnishes a return of its income on…
Plan Your travel for Retaining Non Resident Status.
October 29, 2006 By Leave a Comment
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Excerpt: 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 can stay upto 27th September NEXT year .Thus even though staying for 363 days,your status will still be NON-Resident. 2. Resident Indian leaving for Employment abroad should leave by 28th September , so that he becomes Non-Resident for that year. 3. Resident Indian…
What will be the capital gain on sale of agriculture land?
October 26, 2006 By 1 Comment
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Excerpt: 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 agrees to pay me through bank draft but wants to show lesser price at the time of registration of sale to pay lesser stamp duty.Please advice .You must know two things :1.Not all agricultural land is TAX FREE . While sale of “rural agricultural land”…
