Eleven Tax Propsal of Budget 2010-11 Affecting Business & Companies

Settlement Scope Increased
Now search and seizure cases pending for assessment is eligible for application for settlement to Settlement Commission .
Extra Deduction of Rs 20,000 For Individuals & HUF
A deduction u/s 80CCF for  an additional amount of Rs.20,000 for investment in long-term infrastructure bonds as notified by the Central Government has been proposed. .  [...]

Five Tax Budget Proposal Affecting You Seriously!

Tax Slabs Expanded
New tax labs are as under
Upto 1,60,000  Exempt
Rs 1,60,001 to Rs 5,00,000       10 %
Ra 500001 to Rs 8,00,000        20 %
Over Rs 8,00,000                          30%
Therefore , majority of tax payers will get some kind of relief from tax.
Deduction u/s 80D  on Central Government Health Scheme
Till now , deduction was being allowed on medical insurance u/s [...]

Pay Income Tax For Buying Property Below Stamp Duty!

 
The Clause 26 of the Finance Bill 2009 contains provision to be inserted under Clause (vii) under subsection 2 of section 56 to  provide that an Individual or HUF receiving any immovable property or any property   either without consideration or without adequate consideration from any person other than

relative
or on occasion of the [...]

9 Further Amendments in Finance Bill 2008 During Passage Of Bill In Parliament!

1. Exemption available under sections 10A and 10B has been extended by one more year. Consequently, these exemptions will now be available up to the assessment year 2010-11.2. The scheme of disallowance under section 40(a)(ia) has been modified with retrospective effect from the assessment year 2005-06 on the following lines—Tax is deductible but not deductedNo [...]

One Insurance Policy, Two Claimants Of Deduction U/s 80D Possible Now !

Budget 2008 -Fine Prints

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Budget 2008 has brought some very nice changes in section 80 D . These are :

Additional Rs 15,000 for medical insurance on parents. If the insured parent is senior citizen , additional insurance amount is Rs 20,000 (Not Rs 15,ooo)
Parents need not be dependent on the assessee.
If part payment [...]

What is The Date After Which Your Return Can Not Be Selected For Scrutiny ?

Budget 2008 -Fine Prints
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As on today, when A.O selects your case for scrutiny , a notice u/s 143(2) is served on you . This notice must be served within twelve months from end of month of filing of your return. So let us say , for Asst Yr 2007-08, you filed [...]

Budget 2008 proposal-Non Cooperation With A.O Can Be Beneficial!

Budget 2008 -Fine Prints
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The Finance Bill 2008 has proposed a very important change. Suppose you did not receive any scrutiny notice u/s 143(2) and suddenly one day you get a call from income tax officer that your case is selected for scrutiny , that the notice u/s 143(2) required for selection of [...]