Income tax informer gets arrested for threatening businessman !

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 ,...

Sale of capital assets give rise to capital gains only !

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 now i...

Can carried forward business loss or depreciation be adjusted with income under any head?

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.

How to efile tax return in six steps using excel utility?

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?

Can Non Resident buy insurance policies in India?

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.

What is a public limited company ?

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.

Can illegal speculative loss be carried forward and adjusted with another speculative gains in subsequent years ?

The answer is NO as as per the decision of  Supreme Court in CIT vs Kurji Jinabhai Kotecha(1977) 107 ITR 101(SC) . The decision of the court is very clear as far as issue of carry forward of speculative loss in illegal business is concerned . “The second question is with regard to the assessee’s claim...