Leave Encashment Covered u/s 43B Rules Supreme Court!

Under Clause (f) of Section 43B any sum payable by the employer/assessee to its employees as leave encashment shall be available for deduction only in computing the income referred to in Section 28 of that previous year in which such sum is actually paid by the employer to its employees.
Calcutta High Court had struck the [...]

No Deprecaiation On Stock Exhange Memebership Card Rules Mumbai High Court!

Whether Stock Exchange Card is an asset for the purpose of Depreciation was always a matter of interpretation differently by assessee and income tax department.While the Department had all along treated memebrship card of stock exchange as not an asset for depreciation claim , the assessee claimed otherwise. Till now various benches of Tribunal have [...]

Highest Ever Cost Inflation Index Notified For FY 2009-10!

Highest ever Cost Inflation Index notified by Central Govt. The cost inflation index is used when you compute the long term capital gains on sale of a capital asset. Therefore, higher CII means, less taxable lng term gains. Read the notification below
NOTIFICATION NO : 67/2009, Dated: September 9, 2009
In exercise of the powers conferred by [...]

Can You Deposit Andhra Pradesh Professional Tax in Orissa?

We are deducting Professional Tax from the Salary of our employees at Hyderabad Branch .Can we deposit the same in the local Professional Tax Authority in Bhubaneswar.If yes. then no problem.But if no, there should be different rates and procedures for this formality.Please let me know.Brahmananda Mohanty ,Bhubneswar

Indian states collect revenue through this source [...]

Can You Claim Exemption u/s 54 & 54EC Simultaneously ?

I have sold a residential house in April’ 09 on which the long term capital gain is working out to be Rs.20 lacs.Also, I purchased a residential house in March’09 (I do not have any other residential property of any kind) for Rs.12Lacs.Can I invest Rs.8 Lacs in NHAI Capital gain bonds (under sec54ec) to [...]