A 24-year-old man named Dinesh Kumar allegedly posed as an income tax commissioner and demanded Rs 30 lakh from a businessman in return of closing a fictitious complaint against the victim has been arrested by the crime branch of Delhi Police last Friday from the Millennium Park area in southeast Delhi. According to police , the accused – Dinesh- had worked as an informer for the income tax department and
Sri Rajiv Banerjee of Kolkata asks “I am doing business of bags,it is proprietorship business in year 1999 i invest in a agricultural land of amount 10 lakhs by my name(it was not registered by the name of company,registered by my name) which is in 8km of municipal limit.i had sold this land 2 months ago.so now i have to pay capital gain tax(ltcg).since i have proprietorship business i had shown car and...
One of the assessees paid transport contract amount without deducting TDS.However he remitted TDS to central government account out of his own funds by debiting the transport expenses. On perusal of ledger account of transport expenses ,the above fact of inflation of expenses by TDS amount came to the notice. Whether the TDS liability included in the transport expenses is an allowable expenditure while computing the income under the head " Profits and gains of business".
The law of set off of carried forward business loss and depreciation are different. While section 72 of the I T Act provides that unadjusted loss of a year which is carried forward up to 8 subsequent years can be set off with business income only and not with any other head income.
The good news is that the Department has modified the return preparation software to include automatic calculation of tax and interest and this is available for download free of cost.Here are six steps to efile tax return?
Indian insurance companies are selling insurance products only to Non Resident Indian and to some extent to Person of Indian Origin . Following six things every non resident must know regarding insurance buying in India.
The forms in excel format for Asst Year 2010-11 are available on bcasonline and a link is provided for download here.
Public limited company means a company limited by its shares. In terms of section 3(1)(iv) of the Companies Act, 1956 a public company means a company which is not a private company and has a minimum paid-up capital of five lakh rupees or such higher paid-up capital as may be prescribed. A private company which is subsidiary of a public company is also a public company.
The Rule of STT deduction from business income and capital gains are not same. While computing gains from share transactions whether treated as capital gains or profit from business brings issue of deduction of the expense of Securities transaction tax (STT) cost immediately in the mind of an assessee. Vivek Sharma , Ghaziabad asks ” I had a question about expending STT for tax purposes. Can an individual claim the...