Don't Worry , Be Happy !
Finance Bill 2012-13 has brought another new provision to check evasion of capital gains . Under section 55 of the Income Tax Act , in a case where the capital asset became the property of the assessee before 1st April, 1981, the assessee has the option of substituting the fair market value of the asset [...]
The tax relief or exemption given to units developing Special Economic Zone or units located in a special economic got a severe beating in this budget 2011-12 which has now made units operating in SEZ units Liable to Minimum Alternate Tax , where as the developer or maintaining and running a SEZ units are made [...]
Budget 2011-12 has proposed an amendment retrospectively from 1st January, 2011 to Rule 3 in Part A of the Fourth Schedule which governs recognition of providend fund under income tax law . Section 36(iv) of Income Tax Act provides for deduction of expense in form contribution to recognised providend fund establsihed for the employee. The [...]
Finance Bill 2011-12 has extended tax relief on its income from business activity up to Rs 25 lakhs. This tax relief has been brought by changing 10 lakhs to Rs 25 Lakhs . Any income of trusts from activity for charitable purpose is exempt under the I t Act. “Charitable purpose” has been defined in [...]
Arms length pricing discovery has just been made more easier for TPOs as their power have been enhanced by Finance Bill 2011-12. The Bill has increased the power of transfer pricing officer by amendment and insertion of clauses and sub clause of Section 92CA of the I T Act. Here are the proposed power enhancement [...]
The tax deduction u/s 80DDB of the Income Tax Act provides relief to tax payers who are individual … [Read More...]
The proposal of Cyprus government to impose a 7.5% tax on all money kept in fixed deposits in the … [Read More...]
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